Question: 7. FIFO and LIFO inventory methods. uring June, the following changes in inventory item 27 took place: June Balance 1,400 units @ $24 800 units

7. FIFO and LIFO inventory methods. uring June, the following changes in inventory item 27 took place: June Balance 1,400 units @ $24 800 units @ $36 700 units @$30 400 units$50 1,000 units @ $40 500 units @$44 14 Purchased 24 Purchased 8 Sold 10 Sold 29 Sold Perpetual inventories are maintained. Instructions What is the cost of the ending inventory for item 27 under the following methods? (Show calculations.) (a) FIFO. (b) LIFO Item amount Price Total

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