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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 22,000 units @ $41
Sale 15,231 units @ $66
First purchase 28,000 units @ $43
Sale 17,739 units @ $67
Second purchase 28,000 units @ $44
Sale 21,382 units @ $68

The firm uses the perpetual inventory system, and there are 23,648 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? $fill in the blank 2

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