FIFO and LIFO costs under perpetual inventory system The following units of an item were available for sale during the year: Beginning inventory 8,500 units at $170 Sale 4,900 units at $290 First purchase 14,500 units at $174 Sale 13,400 units at $290 Second purchase 15,000 units at $180 Sale 13,900 units at $290 The firm uses the perpetual inventory system, and there are 5,800 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. $