The following units of an item were available for sale during the year: Beginning inventory…

The following units of an item were available for sale during the year: Beginning inventory …………………… 7,200 units at $160 Sale …………………………………….. 4,800 units at $300 First purchase ………………………… 16,000 units at $168 Sale ……………………………………. 12,000 units at $300 Second purchase ……………………… 15,000 units at $176 Sale 11,000 units at …………………………………….. $300 The firm uses the perpetual inventory system, and there are 10,400 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 and (b) LIFO?

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