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 20 units at $50 Sale 5 units at $80 First purchase 33 units at $53 Sale 27 units at $81 Second purchase 30 units at $56 Sale 23 units at $83 The firm uses the perpetual inventory system, and there are 28 units of the item on hand at the end o 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