FIFO and LIFO costs under perpetual inventory system The following units of an item were available for sale during the year: Beginning inventory 8,200 units at $180 Sale 4,900 units at $320 First purchase 14,600 units at $186 Sale 13,000 units at $320 Second purchase 15,600 units at $192 Sale 14,000 units at $320 The firm uses the perpetual inventory system, and there are 6,500 units of the item on hand at the end of the year. Question: What is the total cost of the ending inventory according to LIFO? Round your answer to the nearest dollar. $

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.