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What is the total cost of the ending inventory

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Problem - FIFO and LIFO Costs Under Perpetual Inventory System - The following units of an item were available for sale during the year:

Beginning inventory 39 units at $42

Sale 33 units at $65

First purchase 39 units at $45

Sale 29 units at $65

Second purchase 26 units at $47

Sale 21 units at $67

The firm uses the perpetual inventory system, and there are 21 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: EM132847369

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