The following units of a particular item were available for sale during the year:
|
Beginning inventory Sale |
100 units at $60 75 units at $112 |
|
First purchase Sale |
155 units at $65 135 units at $112 |
|
Second purchase Sale |
200 units at $72 175 units at $112 |
The firm uses the perpetual inventory system, and there are 70 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?