FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 20 units at $46 Sale 16 units at $64 First purchase 19 units at $47 Sale 12 units at $64 Second purchase 20 units at $50 Sale 15 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?Lower-of-Cost-or-Market Method On the basis of the following data, determine the value of the inventory at the lower-of-cost-or-market by applying lower-of-cost-or-market to each inventory item, as shown in Exhibit 10. Market Value per Unit Item Inventory Quantity Cost per Unit (Net Realizable Value) JFW1 53 $51 $46 SAW9 108 27 31