FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory Sale First purchase 40 units at $43 29 units at $62 29 units at $46 18 units at $64 19 units at $49 26 units at $65 Sale Second purchase Sale The firm uses the perpetual inventory system, and there are 15 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? $ 3,741 x b. What is the total cost of the ending inventory according to LIFO? $ 3,328