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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?
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