ebook Show Me How FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 34 units $43 Sale 21 units @ $60 First purchase 22 units @ $46 Sale 23 units @ $60 Second purchase 10 units @ $48 Sale 15 units @ $62 The firm uses the perpetual inventory system, and there are 7 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