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What is the total cost of the ending inventory

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Reference no: EM133025035

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

Beginning inventory39 units at $42

Sale30 units at $61

First purchase 15 units at $43

Sale13 units at $63

Second purchase29 units at $44

Sale13 units at $63

The firm uses the perpetual inventory system, and there are 27 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: EM133025035

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