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 7,200 units at $160 4,800 units at $300 16,000 units at $168 12,000 units at $300) 15,000 units at $176 11,000 units at $300- The firm uses the perpetual inventory system, and there are 10,400 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?