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What is the total cost of the ending inventory

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Reference no: EM132526149

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

Beginning inventory 20 units at $50

Sale 15 units at $80

First purchase 16 units at $51

Sale 14 units at $81

Second purchase 28 units at $53

Sale7 units at $82

The firm uses the perpetual inventory system, and there are 28 units of the item on hand at the end of the year.

Required -

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: EM132526149

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