The following units of an item were available for sale during the year: Beginning inventory 20,000 units @ $49 Sale 16,877 units @ $71 First purchase 35,000 units @ $50 Sale 25,723 units @ $72 Second purchase 27,000 units @ $52 Sale 16,654 units @ $73 The firm uses the perpetual inventory system, and there are 22,746 units of the item on hand at the end of the year. what is lifo?