FIFO and UFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year Beginning Inventory 23,000 units @ $43 Sale 10,196 units a $69 First purchase 39,000 units $45 Sale 35,602 units @ $71 Second purchase 27.000 units @ $47 Sale 18,802 units $73 The firm uses the perpetual inventory system, and there are 24,400 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