(Answered) Fifo and lifo costs under perpetual inventory systemthe

Accounting

FIFO and LIFO Costs Under Perpetual Inventory System

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

Beginning inventory	40 units @ $49
Sale	15 units @ $78
First purchase	24 units @ $50
Sale	16 units @ $80
Second purchase	14 units @ $52
Sale	6 units @ $82

The firm uses the perpetual inventory system, and there are 41 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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