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During June, the following changes in inventory item 27 took place:

During June, the following changes in inventory item 27 took place:
June 1 Balance  1,400 units @ $24
  14 Purchase 800 units @ $35  
  24 Purchase 700 units @ $30
  8 Sold  400 units @ $50
  10 Sold  900 units @ $40  
  29 Sold 600 units @ $44  
Perpetual inventories are maintained.
What is the cost of the ending inventory for item 27 under the following methods? (Show calculations.)
(a) FIFO
(b) LIFO

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