FIFO and LIFO costs under perpetual inventory system

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

Beginning inventory	7,900	units at $160
Sale	5,800	units at $280
First purchase	15,300	units at $164
Sale	12,600	units at $280
Second purchase	16,300	units at $169
Sale	13,600	units at $280

The firm uses the perpetual inventory system, and there are 7,500 units of the item on hand at the end of the year.

This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below.

1. What is the total cost of the ending inventory according to FIFO? Round your answer to the nearest dollar.

2. What is the total cost of the ending inventory according to LIFO? Round your answer to the nearest dollar.