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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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