FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 20 units at $40 Sale 15 units at $62 First purchase 37 units at $43 Sale 22 units at $63 Second purchase 13 units at $46 Sale 25 units at $63 The firm uses the perpetual inventory system, and there are 8 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?