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

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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 22 units @ $45 Sale 10 units @ $70 First purchase 31 units @ $46 Sale 23 units @ $72 Second purchase 26 units @ $48 Sale 22 units @ $74 The firm uses the perpetual inventory system, and there are 24 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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