Beginning inventory 48 units @ $45 Sale 34 units @ $68 First purchase 32 units @ $46 Sale 8 units @ $69 Second purchase 25 units @ $48 Sale 19 units @ $71 The firm uses the perpetual inventory system, and there are 44 units of the item on hand at the end of the year. a. What is the total cost of the ending inventory according to FIFO? (I understand how to do this method i just need help understanding LIFO) $2074 b. What is the total cost of the ending inventory according to LIFO