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Problem - fifo lifo costs under perpetual inventory system

Problem - FIFO, LIFO costs under perpetual inventory system

The following units of a particular item were available for sale during the year:

Beginning inventory	28 units @ $40
Sale	22 units @ $64
First purchase	24 units @ $41
Sale	8 units @ $66
Second purchase	10 units @ $44
Sale	17 units @ $66

The firm uses the perpetual inventory system, and there are 15 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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Accounting Basics: Problem - fifo lifo costs under perpetual inventory system

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