FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 33 units @ $47 Sale 29 units @ $75 First purchase 29 units @ $48 Sale 22 units @ $75 Second purchase 25 units @ $49 Sale 21 units @ $75 The firm uses the perpetual inventory system, and there are 15 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? 2,617 X b. What is the total cost of the ending inventory according to LIFO