FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 48 units at $47 Sale 43 units at $66 First purchase 19 units at $50 Sale 16 units at $66 Second purchase 27 units at $52 Sale 17 units at $67 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? $