FIFO and LIFO Costs Under Perpetual Inventory SystemThe following units of an item were available...
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FIFO and LIFO Costs Under Perpetual Inventory SystemThe following units of an item were available for sale during the year:Beginning inventory 39 units at $46Sale 22 units at $69First purchase 18 units at $48Sale 17 units at $70Second purchase 25 units at $50Sale 18 units at $71The firm uses the perpetual inventory system, and there are 25 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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