FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 20,000 units @ $45 Sale 16,869 units @ $68 First purchase 33,000 units @ $48 Sale 19,196 units @ $69 Second purchase 30,000 units @ $50 Sale 22,923 units @ $69 The firm uses the perpetual inventory system, and there are 24,012 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