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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 43 units at $43

Sale 37 units at $62

First purchase 37 units at $46

Sale 31 units at $63

Second purchase 30 units at $48

Sale 24 units at $63

The firm uses the perpetual inventory system, and there are 18 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: EM132948260

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