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 $40 Sale 39 units at $62 First purchase 27 units at $42 Sale 8 units at $63 Second purchase 12 units at $45 Sale 23 units at $64 The firm uses the perpetual inventory system, and there are 16 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