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What is the total cost of the ending inventory

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Reference no: EM133138318

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

Beginning inventory 23,000 units @ $45

Sale 1,775 units @ $63

First purchase 25,000 units @ $48

Sale 24,519 units @ $64

Second purchase 29,000 units @ $49

Sale 25,784 units @ $64

The firm uses the perpetual inventory system, and there are 24,922 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: EM133138318

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