FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 38 units at $44 Sale 26 units at $70 First purchase 27 units at $46 Sale 12 units at $71 Second purchase 30 units at $47 Sale 46 units at $72 The firm uses the perpetual inventory system, and there are 11 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