FIFO and LIFO Costs Under Perpetual Inventory System

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

Beginning inventory	23 units @ $44
Sale	19 units @ $70
First purchase	16 units @ $47
Sale	9 units @ $71
Second purchase	20 units @ $49
Sale	8 units @ $72

The firm uses the perpetual inventory system, and there are 23 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? $