FIFO and LIFO Inventory Methods During June, the following changes in inventory item 27 took place: June 1 Balance 1,400 units @ $24 14 Purchased 800 units @ $36 24 Purchased 700 units @ $30 8 Sold 400 units @ $50 10 Sold 1,000 units @ $40 29 Sold 500 units @44 Perpetual inventories are maintained. Instructions: What is the cost of the ending inventory for item 27 under the following methods? (Show calculations) a. FIFO b. LIFO