eBook FIFO and LIFO Costs Under Perpetual Inventory System The following units of a particular item were available for sale during the year: Beginning inventory Sale First purchase Sale Second purchase Sale The firm uses the perpetual inventory system, and there are 8 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? 40 units @ $47 9 units $71 20 units @ $48 11 units@$72 12 units @ $50 44 units $74 b. What is the total cost of the ending inventory according to LIFO