FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 44 units at $43 Sale 40 units at $69 16 units at $46 First purchase Sale 13 units at $70 Second purchase 19 units at $47 Sale 8 units at $70 The firm uses the perpetual inventory system, and there are 18 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