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QN 2 FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: The firm

2

FIFO and LIFO Costs Under Perpetual Inventory System

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

The firm uses the perpetual inventory system, and there are

16

units of the item on hand at the end of the year.

.

What is the total cost of the ending inventory according to FIFO?

.

What is the total cost of the ending inventory according to LIFO?

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