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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 38 units at $49
Sale 30 units at $71
First purchase 27 units at $51
Sale 26 units at $72
Second purchase 23 units at $53
Sale 18 units at $72
The firm uses the perpetual inventory system, and there are 14 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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