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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 42 units at $50

Sale 39 units at $78

First purchase 28 units at $52

Sale 23 units at $80

Second purchase 13 units at $55

Sale 12 units at $80

The firm uses the perpetual inventory system, and there are 9 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: EM132740657

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