Business, 06.05.2020 08:28 icario4710

FIFO and LIFO costs under perpetual inventory system The following units of an item were available for sale during the year: Beginning inventory Sale First purchase Sale Second purchase Sale 8,400 units at $200 5,500 units at $300 14,500 units at $205 13,400 units at $300 15,500 units at $210 14,400 units at $300 The firm uses the perpetual inventory system, and there are 5,100 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 analysis, and input your answers in the questions below. Open spreadsheet

a. What is the total cost of the ending inventory according to FIFO? Round your answer to the nearest dollar. $ 3,255,000 X
b. What is the total cost of the ending inventory according to LIFO?

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