Beginning Inventory, Purchases and Sales Data for the Month Are

Essay

Beginning inventory, purchases and sales data for the month are as follows:
$\begin{array}{ll}10 \text { units at } \$ 42 \text { each } & \text { Beginning Inventory } \\15 \text { units at } \$ 44 \text { each } & \text { First Purchase } \\13 \text { units at } \$ 45 \text { each } & \text { Second Purchase } \\26 \text { units } & \text { Sales }\end{array}$ Determine the total cost of ending inventory according to (a) FIFO method and (b) LIFO method.