FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 40 units at $40 Sale 37 units at $62 First purchase 18 units at $42 Sale 15 units at $62 Second purchase 18 units at $44 Sale 10 units at $64 The firm uses the perpetual inventory system, and there are 14 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? $