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FIFO and LIFO costs under perpetual inventory system The following units of an item were available for sale during the year: Line Item Description Units

FIFO and LIFO costs under perpetual inventory system
The following units of an item were available for sale during the year:
Line Item Description Units and Cost
Beginning inventory 21 units at $44
Sale 18 units at $62
First purchase 15 units at $47
Sale 13 units at $62
Second purchase 10 units at $48
Sale 5 units at $63
The firm uses the perpetual inventory system, and there are 10 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?

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