IFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 20 units at $46 Sale 12 units at $67 First purchase 32 units at $48 Sale 8 units at $67 Second purchase 13 units at $50 Sale 16 units at $68 The firm uses the perpetual inventory system, and there are 29 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?

note- the usual answer of 29*50=1450 does not work for Fifo