FIFO and LIFO Costs Under Perpetual Inventory System

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

Beginning inventory	30 units @ $49
Sale	20 units @ $76
First purchase	20 units @ $52
Sale	5 units @ $76
Second purchase	27 units @ $53
Sale	34 units @ $78

The firm uses the perpetual inventory system, and there are 18 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?