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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?
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