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What is the total cost of the ending inventory

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Reference no: EM133003373

Question - FIFO and LIFO Costs Under Perpetual Inventory System - The following units of an item were available for sale during the year:

Beginning inventory 20,000 units @ $48

Sale 12,606 units @ $74

First purchase 34,000 units @ $51

Sale 28,767 units @ $76

Second purchase 21,000 units @ $52

Sale 13,430 units @ $78

The firm uses the perpetual inventory system, and there are 20,197 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 the ending inventory according to LIFO?

Reference no: EM133003373

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