FIFO and LIFO Costs Under Perpetual Inventory System

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

Beginning inventory

$30$ units at $$49$

Sale

$25$ units at $$76$

First purchase

$30$ units at $$50$

Sale

$29$ units at $$76$

Second purchase

$27$ units at $$52$

Sale

$10$ units at $$78$

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?

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b$.$ What is the total cost of the ending inventory according to LIFO?