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What is total cost of the ending inventory according to lifo

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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 32 units at $45

Sale 17 units at $63

First purchase 24 units at $46

Sale 18 units at $63

Second purchase 26 units at $47

Sale 21 units at $64

The firm uses the perpetual inventory system, and there are 26 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: EM133141543

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