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Discuss what is the total cost of the ending inventory

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Reference no: EM131775130

FIFO and LIFO Costs Under Perpetual Inventory System

The following units of a particular item were available for sale during the year:

Beginning inventory 40 units @ $49
Sale 15 units @ $78
First purchase 24 units @ $50
Sale 16 units @ $80
Second purchase 14 units @ $52
Sale 6 units @ $82

The firm uses the perpetual inventory system, and there are 41 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?

Reference no: EM131775130

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