FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 23,000 units @ $41 Sale 20,401 units @ $57 First purchase 24,000 units @ $44 Sale 3,649 units @ $57 Second purchase 30,000 units @ $47 Sale 29,347 units @ $59 The firm uses the perpetual inventory system, and there are 23,603 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? $ 1,109,341 b. What is the total cost of the ending inventory according to LIFO