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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 23 units @ $50

Sale 18 units @ $70

First purchase 33 units @ $53

Sale 23 units @ $72

Second purchase 30 units @ $56

Sale 21 units @ $74

The firm uses the perpetual inventory system, and there are 24 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: EM133055718

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