The following units of a particular item were available for 120388
The following units of a particular item were available for sale during the year:
Beginning inventory ... 20 units at $45
Sale ........... 15 units at $80
First purchase ....... 31 units at $47
Sale ........... 27 units at $80
Second purchase ...... 40 units at $50
Sale .......... 35 units at $80

The firm uses the perpetual inventory system, and there are 14 units of the item on hand at the end of the year. What is the total cost of the ending inventory according to
(a) FIFO,
(b) LIFO?

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