The following units of a particular item were available for sale during the year: Beginning…

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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