FIFO and LIFO costs under perpetual inventory system The following units of an item were available for sale during the year: Beginning inventory 38 units at $50 Sale 33 units at $80 First purchase 20 units at $53 Sale 16 units at $82 Second purchase 17 units at $54 Sale 16 units at $83 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?

FIFO and UFO costs under perpetual inventory system The following units of an item were avallable for sale during the year: 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 UIFO