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 47 units at 147 Sale 37 units at $68 First purchase 35 units at $48 Sale 31 units at 169 Second purchase 28 units at $51 Sale 25 units at $71 The firm uses the perpetual inventory system, and there are 17 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