plz explain this and what they mean by item 27?

Ex. 8-171-FIFO and Average Cos During June, the following changes in inventory item 27 took place: t inventory methods. June 1Balance 1,400 units $24 900 units @ $36 700 units $30 400 units $50 1,000 units $40 500 units @ $44 14 Purchased 24 Purchased 8 Sold 10 Sold 29 Sold Perpetual inventories are maintained in units only Instructions What is the cost of the ending inventory for item 27 under the following methods? (Show calculations.) (a) FIFO (b) Average Cost. Solution 8-171 (a) 700 @ $30$21,000 400 $36 14400 $35400 (b) 1,400 @$24- $33,600 900 @ $3632,400 700$3021000 $87,000 3,000 average-cost/unit: $87000 $29/Unit 3,000 1,100 x $29 S31.900