FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: 20 units @ $50 Beginning inventory Sale 15 units @ $78 First purchase 32 units @ $51 29 units @ $80 Sale Second purchase Sale 22 units @ $53 9 units @ $81 The firm uses the perpetual inventory system, and there are 21 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? $