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What is the total cost of the ending inventory

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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 22 units at $43

Sale 18 units at $67

First purchase 38 units at $46

Sale 29 units at $69

Second purchase 20 units at $47

Sale 13 units at $69

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: EM133154136

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