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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
21 units at $50
Sale
9 units at $80
First purchase
40 units at $51
31 units at $82
Second purchase
28 units at $53
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?
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