Simple Plan Enterprises uses a periodic inventory system. Its records showed the following:

Inventory, December $31,$ using FIFO $62$ Units @ $$26=$$$1,612$

Inventory, December $31,$ using LIFO $62$ Units @ $$22=$$$1,364$

$\backslash$table$[[$Transactions in the Following Year,Units,Unit Cost,Total Cost$],[$Purchase$,$ January $9,74,27,$$$1,998$