The following units of an item were available for sale during the year: Beginning inventory...
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Accounting
The following units of an item were available for sale during the year: Beginning inventory 20 units @ $44 Sale 12 units @ $68 First purchase 29 units @ $46 Sale 23 units @ $69 Second purchase 23 units @ $49 Sale 15 units @ $70 The firm uses the perpetual inventory system, and there are 22 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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