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IFOandLIFOCosts Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory27 units at $45Sale24 units at

IFOandLIFOCosts Under Perpetual Inventory System

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

Beginning inventory27 units at $45Sale24 units at $72First purchase32 units at $48Sale27 units at $74Second purchase24 units at $50Sale9 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?

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