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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 28 units at $44
Sale 8 units at $68
First purchase 33 units at $47
Sale 47 units at $68
Second purchase 27 units at $50
Sale 27 units at $70
The firm uses the perpetual inventory system, and there are 6 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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