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The firm uses the perpetual inventory system and there are

Problem - The following units of a particular item were available for sale during the year:

Beginning inventory 180 units at $ 80

Sale 120 units at $ 125

First purchase 400 units at $ 82

Sale 300 units at $ 125

Second purchase 300 units at $ 84

Sale 275 units at $ 125

The firm uses the perpetual inventory system, and there are 185 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?

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Accounting Basics: The firm uses the perpetual inventory system and there are

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