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 23,000 units @ $46 18,537 units @ $69 34,000 units @ $47 19,611 units @ $69 25,000 units @ $48 19,950 units @ $69 The firm uses the perpetual inventory system, and there are 23,902 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?