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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 39 units at $42

Sale 30 units at $61

First purchase 15 units at $43

Sale 13 units at $63

Second purchase 29 units at $44

Sale 13 units at $63

The firm uses the perpetual inventory system, and there are 27 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: EM133028793

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