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FIFO and LIFO costs under perpetual inventory system The following units of an item were available for sale during the year: Beginning inventory Sale First

FIFO and LIFO costs under perpetual inventory system
The following units of an item were available for sale during the year:
Beginning inventory
Sale
First purchase
Sale
Second purchase
Sale
37 units at $46
29 units at $69
19 units at $48
5 units at $69
29 units at $49
28 units at $71
The firm uses the perpetual inventory system, and there are 23 units of the item on hand at the
end of the year.
a. What is the total cost of the ending inventory according to FIFO?
b. What is the total cost of the ending inventory according to LIFO?
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