FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: 21,000 units @ $48 16,851 units @ $74 Beginning inventory Sale First purchase Sale Second purchase 24,000 units @ $51 21,923 units @ $76 27,000 units @ $52 Sale 11,290 units @ $76 The firm uses the perpetual inventory system, and there are 21,936 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