Content Area FIFO and LIFO costs under perpetual inventory system The following units of an item were available for sale during the year: Line Item Description Units and Cost Beginning inventory 28 units at $45 Sale 16 units at $63 First purchase 38 units at $46 Sale 29 units at $63 Second purchase 26 units at $48 Sale 25 units at $64 The firm uses the perpetual inventory system, and there are 22 units of the item on hand at the end of the year. a. What is the total cost of the ending inventory according to FIFO? fill in the blank 1 of 2$ b. What is the total cost of the ending inventory according to LIFO