FIFO and LIFO Costs Under Perpetual Inventory System

The following units of an item were available for sale during the year:

Beginning inventory	21 units at $49
Sale	10 units at $71
First purchase	33 units at $52
Sale	18 units at $71
Second purchase	29 units at $55
Sale	17 units at $71

The firm uses the perpetual inventory system, and there are 38 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? $