Question: Please Explain and answer, thanks! FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the

Please Explain and answer, thanks!

FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 20 units @ $49 Sale 15 units @ $71 First purchase 36 units @ $52 Sale 15 units @ $71 Second purchase 29 units @ $53 27 units @ $71 The firm uses the perpetual inventory system, and there are 28 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? Sale b. What is the total cost of the ending inventory according to LIFO? 1,443

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