FIFOandLIFOCosts Under Perpetual Inventory System

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

Beginning inventory 27 units at $45

Sale 24 units at $72

First purchase 32 units at $48

Sale 27 units at $74

Second purchase 24 units at $50

Sale 9 units at $74

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?

$