FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 44 units at $42 Sale 31 units at $65 First purchase 16...

FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 44 units at $42 Sale 31 units at $65 First purchase 16 units at $43 Sale 10 units at $65 Second purchase 10 units at $45 Sale 12 units at $66 The firm uses the perpetual Inventory system, and there are 17 units of the item on hand at the end of lue year, De a. What is the total cost of the ending Inventory according to FIFO? 765 X b. What is the total cost of the ending Inventory according to LIFO? 894 X