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FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available...

FIFO and LIFO Costs Under Perpetual Inventory System

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

Beginning inventory 29 units at $43
Sale 26 units at $65
First purchase 30 units at $44
Sale 15 units at $66
Second purchase 12 units at $46
Sale 22 units at $67

The firm uses the perpetual inventory system, and there are 8 units of the item on hand at the end of the year.

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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Expert Solution

ekkarill92 answered 1 year ago
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