Inventory Costing Methods - Under a Perpetual Inventory System Units Unit Cost Beginning Inventory 0 First Purchase 200 units at $ 20 The Firm uses the perpetual inventory Sale 50 system and there are 50 units of the item Second Purchase 80 units at $ 18 on hand at the end of the year. Sale 25 Third Purchase 20 units at $ 17 Sale 175 What is the total cost of ending inventory according to FIFO? What is the Cost of Goods Sold according to FIFO? What is the total cost of ending inventory according to LIFO? What is the Cost of Goods Sold according to LIFO? What was the Total Cost of Merchandise Purchased during the year