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 7,700 units at $180 5,100 units at $280 16,000 units at $188 Sale 12,300 units at $280 Second purchase 15,500 units at $196 11,800 units at $280 Sale The firm uses the perpetual inventory system, and there are 10,000 units of the item on hand at the end of the year. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. www Open spreadsheet A. What is the total cost of the ending inventory according to FIFO? Round your answer to the nearest dollar. 1,960,000 B. What is the total cost of the ending inventory according to LIFO? Round your answer to the nearest dollar $ $ 7,432,000 x