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 @ $48 Sale 22,395 units @ $74 First purchase 36,000 units @ $51 Sale 19,209 units @ $76 Second purchase 27,000 units @ $52 Sale 19,884 units @ $77 The firm uses the perpetual inventory system, and there are 24,512 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