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What is the total cost of the ending inventory

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Reference no: EM133041648

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

Beginning inventory 29 units at $48

Sale 15 units at $70

First purchase 28 units at $51

Sale 24 units at $72

Second purchase 29 units at $54

Sale 22 units at $74

The firm uses the perpetual inventory system, and there are 25 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: EM133041648

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