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What is the total cost of the ending inventory

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Reference no: EM133018691

Question - The following units of an item were available for sale during the year:

Beginning inventory 49 units at $40

Sale 40 units at $60

First purchase 23 units at $41

Sale 16 units at $60

Second purchase 23 units at $42

Sale 19 units at $61

The firm uses the perpetual inventory system, and there are 20 units of the item on hand at the end of the year.

Required -

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: EM133018691

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