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

Question:

The following units of a particular item were available for sale during the year:
Beginning inventory ... 20 units at $45
Sale ........... 15 units at $80
First purchase ....... 31 units at $47
Sale ........... 27 units at $80
Second purchase ...... 40 units at $50
Sale .......... 35 units at $80

The firm uses the perpetual inventory system, and there are 14 units of the item on hand at the end of the year. What is the total cost of the according to
(a) FIFO,
(b) LIFO?

Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...