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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: Beginning inventory 50 units

FIFO and LIFO Costs Under Perpetual Inventory System

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

Beginning inventory 50 units at $48
Sale 14 units at $72
First purchase 38 units at $49
Sale 44 units at $73
Second purchase 23 units at $52
Sale 46 units at $75

The firm uses the perpetual inventory system, and there are 7 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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