380 Chapter 7 Inventories OBJ. 2,3 EX 7-7 FIFO and LIFO costs under perpetual inventory system The following units of an item were available for sale during the year vb. $763,200 Beginning inventory Sale First purchase Sale Second purchase Sale 21,600 units at $20.00 14,400 units at $40.00 48,000 units at $25.20 36,000 units at $40.00 45,000 units at $26.40 33,000 units at $40.00 The firm uses the perpetual inventory system, and there are 31,200 units hand at the end of the year. What is the total (a) FIFO, (b) LIFO? of the item on cost of the ending inventory according to