FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 36 units at $40 Sale 21 units at $56 First purchase Sale 28 units at $42 30 units at $58 Second purchase Sale 26 units at 144 27 units at $59 The firm uses the perpetual inventory system, and there are 12 units of the item on hand at the end of 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