FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 38,000 units @ $49 Sale 14,329 units @ $74 First purchase 30,000 units @ $50 Sale 52,442 units @ $74 Second purchase 15,000 units @ $53 Sale 10,107 units @ $74 The firm uses the perpetual inventory system, and there are 6,122 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