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What is the total cost of the ending inventory

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Reference no: EM132841191

Question - FIFO and LIFO Costs Under Perpetual Inventory System

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

Beginning inventory 25,000 units @ $49

Sale 15,769 units @ $78

First purchase 34,000 units @ $52

Sale 30,023 units @ $78

Second purchase 29,000 units @ $54

Sale 14,086 units @ $78

The firm uses the perpetual inventory system, and there are 28,122 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: EM132841191

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