Cost Anal... FIFO and LIFO costs under perpetual inventory system The following units of an item were available for sale during the year: Beginning inventory 28 units at $45 Sale 21 units at $68 First purchase 33 units at $46 Sale 22 units at $69 Second purchase 26 units at $49 Sale 20 units at $71 The firm uses the perpetual inventory system, and there are 24 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? b. What is the total cost of the ending inventory according to LIFO