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FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were...

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Accounting

FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 24 units at $44 Sale 21 units at $70 First purchase 30 units at $46 Sale 25 units at $71 Second purchase 25 units at $48 Sale 13 units at $71 The firm uses the perpetual inventory system, and there are 20 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? $fill in the blank 1 b. What is the total cost of the ending inventory according to LIFO?

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