FIFO and LIFO costs under perpetual inventory system The following units of an item were available for sale during the year: Beginning inventory 7,800 units at $160 Sale 5,500 units at $310 First purchase 15,000 units at $163 Sale 13,100 units at $310 Second purchase 15,500 units at $170 Sale 13,600 units at $310 The firm uses the perpetual inventory system, and there are 6,100 units of the item on hand at the end of the year. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Open spreadsheet a. What is the total cost of the ending inventory according to FIFO? Round your answer to the nearest dollar. $ b. What is the total cost of the ending inventory according to LIFO? Round your answer to the nearest dollar