During June, the following changes in inventory item 27 took place:
June 1 Balance 1,400 units @ $24
14 Purchase 800 units @ $35
24 Purchase 700 units @ $30
8 Sold 400 units @ $50
10 Sold 900 units @ $40
29 Sold 600 units @ $44
Perpetual inventories are maintained.
What is the cost of the ending inventory for item 27 under the following methods? (Show calculations.)
(a) FIFO
(b) LIFO