FIFO and LIFO Costs Under Perpetual Inventory System

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

Beginning inventory	32 units at $40
Sale	8 units at $58
First purchase	32 units at $42
Sale	24 units at $58
Second purchase	24 units at $45
Sale	48 units at $60

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 1

b. What is the total cost of the ending inventory according to LIFO? $fill in the blank 2