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What is the total cost of the ending inventory

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Reference no: EM132381825

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

Beginning inventory41 units at $45Sale15 units at $63First purchase24 units at $46Sale7 units at $63Second purchase30 units at $49Sale21 units at $63

The firm uses the perpetual inventory system, and there are 52 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: EM132381825

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