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 Sale Second purchase Sale 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? 36 units at $41 14 units at $64 17 units at $44 5 units at $65 27 units at $45 52 units at $65 b. What is the total cost of the ending inventory according to LIFO