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Calculate the cost of each individual sale separately using LIFO procedures. The firm uses the perpetual inventory system, and there are 52 units of the item on hand at the end of the year. What is the total cost of the ending inventory according to FIFO and according to LIFO?

FIFO and LIFO costs under perpetual inventory system

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

Beginning Inventory 36 units at $400

Sale 24 units at $1,000

First Purchase 80 units at $420

Sale 60 units at 1,000

Second Purchase 77 units at $440

Sale 55 units at $1,000

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