FIFO and UFO Costs Under Perpetual Inventory System The following units of an item were avalable for sale during the year: The firm uses the perpetual inventary system, and there are 6,962 units of the a. What is the total cost of the ending ingentory according to FIFO? b. What is the total cost of the ending inventory according to LIFO? recheck Mr wart a. Note that this exercise ures the perpetial inventory system. FIFO means up of the most recent purchoses. Think of your inventory in terms of layer