The following units of a particular item were available for sale during the year.

Beginning inventory 33 units @ 42 each

Sale 17 units @ $61 each

First purchase 38 units @ $44 each

Sale 5 units @ $61

Second purchase 22 units @ $46

Sale 12 units @ $63

The firm uses the perpetual inventory system, and there are 59 units of the item on hand at the end of the year.

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

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

Select one:

A. FIFO: Ending Inventory: 2699

LIFO: Ending Inventory: 2554

B. FIFO: Ending Inventory: 2640

LIFO: Ending Inventory: 2584

C. FIFO: Ending Inventory: 2641

LIFO: Ending Inventory: 2586

D. FIFO: Ending Inventory: 2649

LIFO: Ending Inventory: 2580