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:
Free-Rider Problem
A situation where individuals consume a good or service without contributing to its cost, often leading to underprovision of that good.
Public Goods
Goods that are non-excludable and non-rivalrous, meaning they can be used simultaneously by more than one person without diminishing availability to others.
Location Subsidies
Financial incentives provided by governments to encourage businesses to establish operations in specific areas, often to stimulate economic growth.
Tax Breaks
Financial incentives or reductions in tax liabilities, intended to encourage certain activities or investments.
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