eBook Show Me How Calculator FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 23 units 597 Sale First purchase Sale 17 units @ $71 40 units $48 27 units @ $73 29 units @ $49 24 units @ $74 Second purchase Sale 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