FIFO and LIFO costs under perpetual inventory system The following units of an item were available for sale during the year: Beginning inventory 8,300 units at $170 Sale 5,500 units at $280 First purchase 15,400 units at $173 Sale 13,100 units at $280 Second purchase 15,900 units at $179 Sale 13,600 units at $280 The firm uses the perpetual inventory system, and there are 7,400 units of the item on hand at the end of the year This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analys below. a. What is the total cost of the ending inventory according to FIFOZ Round your answer to the nearest dollar.
b. What is the total cost of the ending inventory according to LIFO? Round your answer to the nearest dollar