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FIFO and LIFO Costs Under Perpetual Inventory System
The following units of an item were available for sale during the year:
Beginning inventory 35 units at $47
Sale 21 units at $68
First purchase 33 units at $49
Sale 9 units at $68
Second purchase 22 units at $50
Sale 16 units at $68
The firm uses the perpetual inventory system, and there are 44 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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