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The following units of a particular item were available for sale during the year: Beginning inventory 20 units at $45 Sale 15 units First purchase
The following units of a particular item were available for sale during the year:
Beginning inventory 20 units at $45
Sale 15 units
First purchase 30 units at $50
Sale 25 units
Second purchase 40 units at $56
Sale 35 units
The firm uses the perpetual inventory system, and there are 15 units of the item on hand at the end of the year.
What is the total cost of the ending inventory according to FIFO and LIFO
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