A please **FIFO and LIFO Costs under Perpetual Inventory System**The following units of an item were available for sale during the year:- **Beginning Inventory:** 48 units at $45- **Sale:** 43 units at $63- **First Purchase:** 34 units at $48- **Sale:** 23 units at $63- **Second Purchase:** 30 units at $51- **Sale:** 28 units at $65The firm uses the perpetual inventory system, and there are 18 units of the item on hand at the end of the year.**Questions:**a. **What is the total cost of the ending inventory according to FIFO?** - **Answer:** $918 ✓b. **What is the total cost of the ending inventory according to LIFO?** - **Answer:** $805.00 ✗**Feedback:**- To calculate these costs, the FIFO method (First-In, First-Out) assigns the cost of the earliest inventory to the cost of goods sold, while the LIFO method (Last-In, First-Out) uses the cost of the most recent inventory first. - **FIFO Calculation:** Using the earliest costs, the ending inventory's cost is $918. - **LIFO Calculation:** Using the most recent costs, the ending inventory's calculated cost was $805, which was incorrect based on provided feedback.**Resources:**- For further assistance, a "Check My Work" feature is available to validate your understanding and computation.

Name: A please **FIFO and LIFO Costs under Perpetual Inventory System**The f
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: A please **FIFO and LIFO Costs under Perpetual Inventory System**The following units of an item were available for sale during the year:- **Beginning Inventory:** 48 units at $45- **Sale:** 43 units at $63- **First Purchase:** 34 units at $48- **Sale