FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory Sale First purchase Sale Second purchase Sale 21,000 units @ $41 4,011 units @ $59 37,000 units @ $44 34,381 units @ $60 29,000 units @ $47 25,187 units @ $61 The firm uses the perpetual inventory system, and there are 23,421 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