Beginning inventory, purchases, and sales for an inventory item are as follows: 
The firm uses the perpetual inventory system and there are 240 units of the item on hand at the end of the year. What is the total cost of ending inventory according to LIFO?
Definitions:
Society's Wants
The collective desires and needs of a community or society that drive demand and economic activity.
Exchange and Trade
The act of giving one thing and receiving another between two parties, typically involving goods, services, or both.
Capitalist Economy
An economic system where private individuals rather than the state own and control businesses and the means of production.
Market System
The operational mechanics of this economic setting revolve around decisions on investment, production rates, and distribution channels being directed by supply and demand, with a pricing strategy that allows for free determination of goods and services prices.
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