FIFO, LIFO Costs Under Perpetual Inventory System

The following units of a particular item were available for sale during the year:
Beginning inventory 23 units @ $40
Sale 15 units @ $64
First purchase 29 units @ $41
Sale 17 units @ $64
Second purchase 29 units @ $43
Sale 40 units @ $65

The firm uses the perpetual inventory system, and there are 9 units of the item on hand at the end of the year.

a. What is the total cost of the ending inventory according to FIFO?
$

b. What is the total cost of the ending inventory according to LIFO?
$

For FIFO start with your beginning inventory of 23 unints, subtract 15 units, so your beginning inventory has 8 units @40 a unit. Now you have a purchase of 29 units @41 a unit. Now you have a sale of 17 units so take 8 units out of your beiginning inventory and 9 units of your 29 unit purchase, so your inventory now contains 20 units @$41 a unit. Now you have a purchase of 29 units @$43 units. Now you have a sale of 40 units so take 20 units @$41 out of your inventory and take 20 units @43 a unit, which leaves you with 9 units @$43 a unit in ending iventory.

For LIFO start with beginning inventory of 23 units @$40 a unit. Now take your sale of 15 units and subtract it from your beginning inventory, which leaves 8 units @$40 a unit. Now take your purchase of 29 units @$41 a unit. Now you have a sale of 17 units so subtract it from your purchase of 29 units @41 a unit, which leaves your inventroy with 8 units @40 a unit and 12 units @$41 a unit. Now you have a purchase of 29 units @$43 a unit. Now you have a sale of 40 units so subtract out 29 units @$43 a unit, which leaves 11 units to account for. For the 11 units remaining you subtract them out from the inventory of 12 units @$41 a unit, which leaves your inventory with 8 units @$40 a unit and 1 unit @$41 a unit.

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