EX 7-7 FIFO, LIFO costs under perpetual inventory system
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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