FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 34 units at $48 Sale 31 units at $72 First purchase 17 units at $49 Sale 13 units at $73 Second purchase 29 units at $50 Sale 27 units at $75 The firm uses the perpetual inventory system, and there are 9 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? Check My Work All work saved Save and Exit