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What is the total cost of the ending inventory

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Reference no: EM131784714

Problem - FIFO, LIFO costs under perpetual inventory system

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

Beginning inventory

28 units @ $40

Sale

22 units @ $64

First purchase

24 units @ $41

Sale

8 units @ $66

Second purchase

10 units @ $44

Sale

17 units @ $66

The firm uses the perpetual inventory system, and there are 15 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: EM131784714

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