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

Sale

Second purchase

Sale

$31$ units at $$49$

$24$ units at $$78$

$16$ units at $$50$

$14$ units at $$78$

$14$ units at $$51$

$9$ units at $$79$

The firm uses the perpetual inventory system, and there are $14$ 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?

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