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FIFO and LIFO Costs Under Perpetual Inventory System The following units of a particular item were available for sale during the year: Beginning inventory 42

FIFO and LIFO Costs Under Perpetual Inventory System

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

Beginning inventory 42 units @ $47
Sale 15 units @ $73
First purchase 18 units @ $50
Sale 27 units @ $73
Second purchase 24 units @ $52
Sale 9 units @ $74

The firm uses the perpetual inventory system, and there are 33 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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