FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning Inventory 22 units at $46 Sale 11 units at $69 First purchase 28 units at $49 20 units at $69 Second purchase 30 units at $51 26 units at $70 The firm uses the perpetual Inventory system, and there are 23 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? Sale Sale b. What is the total cost of the ending Inventory according to LIFO