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What is the total cost of the ending inventory

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Reference no: EM133101280

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

Beginning inventory 32 units at $49

Sale 20 units at $76

First purchase 40 units at $50

Sale 35 units at $78

Second purchase 26 units at $53

Sale 23 units at $79

The firm uses the perpetual inventory system, and there are 20 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: EM133101280

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