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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 49 units at $46
Sale 37 units at $67
First purchase 16 units at $49
Sale 8 units at $68
Second purchase 28 units at $50
Sale 23 units at $70

The firm uses the perpetual inventory system, and there are 25 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?

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