FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 25,000 units @ $50 Sale 22,713 units @ $78 First purchase 25,000 units @ $51 Sale 15,460 units @ $79 Second purchase 26,000 units @ $52 Sale 14,425 units @ $81 The firm uses the perpetual inventory system, and there are 23,402 units of the item on hand at the end of the years: 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