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What is the total cost of the ending inventory

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Reference no: EM133185187

Question - FIFO and LIFO Costs Under Perpetual Inventory System - The following units of an item were available for sale during the year:

Beginning inventory 20 units at $43

Sale 11 units at $69

First purchase 22 units at $46

Sale 14 units at $70

Second purchase 22 units at $49

Sale 17 units at $70

The firm uses the perpetual inventory system, and there are 22 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: EM133185187

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