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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 23,000 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?
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