The following units of an item were available for sale during the year: Beginning inventory 20,000 units @ $49 Sale 19,990 units @ $78 First purchase 38,000 units @ $50 Sale 34,266 units @ $78 Second purchase 25,000 units @ $52 Sale 7,707 units @ $80 The firm uses the perpetual inventory system, and there are 21,037 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? $fill in the blank 1

b. What is the total cost of the ending inventory according to LIFO