FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 42 units @ $50 Sale 12 units @ $70 First purchase 28 units @ $51 Sale 13 units @ $72 Second purchase 15 units @ $54 Sale 34 units @ $73 The firm uses the perpetual inventory system, and there are 26 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