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What is the total cost of the ending inventory

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Reference no: EM133160040

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

Beginning inventory 28 units at $44

Sale 8 units at $68

First purchase 33 units at $47

Sale 47 units at $68

Second purchase 27 units at $50

Sale 27 units at $70

The firm uses the perpetual inventory system, and there are 6 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: EM133160040

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