Smith manufactures products used in the consumer products industry. Presented below is information that is related to one of its products

Compute the cost of the ending inventory assuming:

1. Perpetual System, FIFO cost flow
2. Perpetual System, LIFO cost flow

Purchases Units Sales Units Cost/unit Price/unit Date June 1 5 12 20 1,200 @ 1,100 @ 3,400 @ 2,400 a $ 20.00 19.00 22.00 24.00 Date June 2 8 15 27 800 1,200 1,300 2,700 @ $ 30.00 a 30.00 @ 34.00 @ 34.00