FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 23,000 units @ $40 Sale 17,374 units @ $64 First purchase 27,000 units @ $42 Sale 26,987 units @ $66 Second purchase 30,000 units @ $45 Sale 8,780 units @ $68 The firm uses the perpetual Inventory system, and there are 26,859 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