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What is the total cost of the ending inventory

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

Beginning inventory 38 units at $49

Sale 30 units at $71

First purchase 27 units at $51

Sale 26 units at $72

Second purchase 23 units at $53

Sale 18 units at $72

The firm uses the perpetual inventory system, and there are 14 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: EM133164748

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