FIFO and LIFO costs under perpetual inventory system The following units of an item were available for sale during the year: Line Item Description Units and Cost Beginning inventory 29 units at $46 Sale 25 units at $67 First purchase 38 units at $47 Sale 37 units at $67 Second purchase 21 units at $48 Sale 18 units at $68 The firm uses the perpetual inventory system, and there are 8 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? fill in the blank b. What is the total cost of the ending inventory according to LIFO? fill in the blank

FIFO and LIFO costs under perpetual inventory system The following units of an item were available for sale during the year: The firm uses the perpetual inventory system, and there are 8 units of the item on hand at the end of thear. 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? $