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What is the total cost of the ending inventory

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Reference no: EM133150918

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

Beginning inventory

21 units at $50

Sale

9 units at $80

First purchase

40 units at $51

Sale

31 units at $82

Second purchase

28 units at $53

Sale

26 units at $84

The firm uses the perpetual inventory system, and there are 23 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: EM133150918

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