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What is total cost of the ending inventory according to fifo

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IFO and LIFO Costs Under Perpetual Inventory System

The following units of an item were available for sale during the year:

Beginning inventory 27 units at $45

Sale24 units at $ 72

First purchase 32 units at $48

Sale27 units at $74

Second purchase 24 units at $50

Sale9 units at $74

The firm uses the perpetual inventory system, and there are 23 units of the item on hand at the end of the year.

Problem a. What is the total cost of the ending inventory according to FIFO?

Problem b. What is the total cost of the ending inventory according to LIFO?

Reference no: EM132727551

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