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 46 units at $50 21 units at $78 16 units at $51 33 units at $80 12 units at $53 15 units at $81 Second purchase Sale The firm uses the perpetual inventory system, and there are 5 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? $ X b. What is the total cost of the ending inventory according to LIFO