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What is the total cost of the ending inventory

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Question - FIFO and LIFO Costs Under Perpetual Inventory System

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

Beginning inventory 27 units at $45

Sale 24 units at $72

First purchase 32 units at $48

Sale 27 units at $74

Second purchase 24 units at $50

Sale 9 units at $74

The firm uses the perpetual inventory system, and there are 23 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: EM132693610

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