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 8,000 units at $160 5,600 units at $280 14,800 units at $166 Sale 12,500 units at $280 Second purchase Sale 15,800 units at $174 13,500 units at $280 The firm uses the perpetual inventory system, and there are 7,000 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. Open spreadsheet a. What is the total cost of the ending inventory according to FIFO? Round your answer to the nearest dollar $ b. What is the total cost of the ending inventory according to LIFO? Round your answer to the nearest dollar. $