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

Question

The following units of a particular item were available for sale during the year: Beginning inventory 50 units @ $40 Sale 8 units @ $56 First purchase 39 units @ $43 Sale 26 units @ $56 Second purchase 24 units @ $44 Sale 29 units @ $57 The firm uses the perpetual inventory system, and there are 50 units of the item on hand at the end of the year What is the total cost of the ending inventory according to FIFO? What is the total cost of the ending inventory according to LIFO? I came up with $2239 for LIFO but that isn't correct. I think the second purchase balance is confusing me. Please help

Explanation / Answer

Cost of ending inventory according to FIFO 50*39=$1950

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