FIFO and LIFO costs under perpetual inventory system

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

Beginning inventory	8,500	units at $180
Sale	5,400	units at $290
First purchase	15,300	units at $184
Sale	12,800	units at $290
Second purchase	16,300	units at $190
Sale	13,800	units at $290

The firm uses the perpetual inventory system, and there are 8,100 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.

Open spreadsheet

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

   $ fill in the blank 2

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

   $ fill in the blank 3