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

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Accounting

FIFO and LIFO Costs Under Perpetual Inventory System
The following units of an item were available for sale during the year:
Beginning inventory 45 units at $45
Sale 17 units at $70
First purchase 37 units at $46
Sale 40 units at $71
Second purchase 23 units at $49
Sale 32 units at $72
The firm uses the perpetual inventory system, and there are 16 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?
$fill in the blank 1
b. What is the total cost of the ending inventory according to LIFO?

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