FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 37 units at $47 Sale 12 units at $68 First purchase 36 units at $48 Sale 17 units at $70 Second purchase 25 units at $50 Sale 48 units at $71 The firm uses the perpetual inventory system, and there are 21 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