FIFO and LIFO costs under perpetual inventory system The following units of an item were available for sale during the year: Beginning inventory Sale First purchase 8,500 units at $200 5,600 units at $290 15,200 units at $207 12,800 units at $290 16,200 units at $216 13,800 units at $290 Sale Second purchase Sale The firm uses the perpetual inventory system, and there are 7,700 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 a. What is the total cost of the ending inventory according to FIFO? Round your answer to the nearest dollar. b. What is the total cost of the ending inventory according to LIFO? Round your answer to the nearest dollar. Check My Work Next > Email Instructor Save and Exit Submit Assignment for Grading Periodic inventory by three methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 2,200 units at $4 Feb. 17 Purchase 3,400 units at $6 Jul. 21 Purchase 2,600 units at $8 Nov. 23 Purchase 1,800 units at $10 There are 2,000 units of the item in the physical inventory at December 31. The periodic inventory system is used. 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 a. Determine the inventory cost by the first-in, first-out method. Round your answer to the nearest dollar. b. Determine the inventory cost by the last-in, first-out method. Round your answer to the nearest dollar. c. Determine the inventory cost by the weighted average cost method. Round your answer to the nearest dollar. Check My Work Previous Next Email Instructor Save and Exit Submit Assignment for Grading