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Please answer both parts, thanks! FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the

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Please answer both parts, thanks!

FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 25,000 units @ $42 Sale 10,349 units @ $65 First purchase 37,000 units @ $44 Sale 35,139 units @ $67 Second purchase 30,000 units @ $47 Sale 18,272 units @ $69 The firm uses the perpetual inventory system, and there are 28,240 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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