the first-in, first-out method. Determine the cost oi inventory balance after each sale, presenting the data in the form illustrate EX 7-7 FIFO and LIFO costs under perpetual inventory system The following units of a particular item were available for sale during th 36 units at $400 24 units at $1,000 Beginning inventory Sale First purchase 80 units at $420 60 units at $1,000 Sale 75 units at $440 55 units at $1,000 Second purchase Sale The firm uses the perpetual inventory system, and there are 52 units of at the end of the year. What is the total cost of the ending inventory FIFO, (b) LIFO? EX 7-8 Weighted average cost flow method under perpetual inventory he following units of a particular item were available for sale during Jan. 1 Inventory 1,000 units at $150