FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 24 units @ $40 Sale 19 units @ $56 First purchase 29 units @ $41 Sale 14 units @ $57 Second purchase 27 units @ $42 Sale 22 units @ $59 The 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? $fill in the blank 1 b.  What is the total cost of the ending inventory according to LIFO? $fill in the blank 2

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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 24 units @ $40
Sale 19 units @ $56
First purchase 29 units @ $41
Sale 14 units @ $57
Second purchase 27 units @ $42
Sale 22 units @ $59

The 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?
$fill in the blank 1

b.  What is the total cost of the ending inventory according to LIFO?
$fill in the blank 2

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