FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 22 units at $40 Sale 13 units at $60 First purchase 32 units at $42 Sale 31 units at $61 Second purchase 24 units at $43 Sale 18 units at $63 The firm uses the perpetual inventory system, and there are 16 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? $ Inventory turnover and number of days' sales in inventory Financial statement data for years ending December 31 for Tango Company follow: 20Y7 2016 $3,819,360 $3,965,725 Cost of goods sold Inventories: 737,300 Beginning of year End of year 759,200 832,200 759,200 Required a. Determine the inventory turnover for 2017 and 2016. Round to one decimal place. 2017 2016 Inventory turnover b. Determine the number of days' sales in inventory for 2087 and 20Y6. Use 365 days and round to one decimal place. 2047 2016 Number of days' sales in inventory days days c. Are the changes in inventory turnover and the number of days' sales in inventory from 2016 to 2017 favorable or unfavorable