FIFO and LIFO Costs Under Perpetual Inventory System

The following units of an item were available for sale during the year:

Beginning inventory	44,000 units @ $47
Sale	20,605 units @ $66
First purchase	39,000 units @ $50
Sale	54,165 units @ $66
Second purchase	17,000 units @ $52
Sale	20,669 units @ $67

The firm uses the perpetual inventory system, and there are 4,561 units of the item on hand at the end of the year.

FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 44,000 units @ $47 Sale 20,605 units @ $66 First purchase 39,000 units @ $50 54,165 units @ $66 Second purchase 17,000 units @ $52 Sale 20,669 units @ $67 The firm uses the perpetual inventory system, and there are 4,561 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? Sale $ b. What is the total cost of the ending inventory according to LIFO? $