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The following units of a particular item were available for sale during the year:
BEGINNING INVENTORY 36 UNITS AT 400$
SALE 24 UNITS AT 1000$
FIRST PURCHASE 80 UNITS AT 420$
SALE 60 UNITS AT 1000$
SECOND PURCHASE 75 UNITS AT 440$
SALE 55 UNITS AT 1000$
The firm uses the perpetual inventory system, and there are 52 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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