1 The disclosure of a contingent liability in the footnotes and on the Balance Sheet indicates that the potential for the obligation occurring is O probable. remote. possible. certain 4 QUESTION 2 Given the following inventory activity, what is ending inventory using the perpetual LIFO costing method? (Round any intermediary calculations to the nearest cent and your final answer to the nearest dollar) Date Beginning Balance Quantity 110 Unit Cost $6.00 September 17 Purchase 60 $1.50 September 24 Sale 25 September 29 Purchases 60 $5.00 205 units @ $4.58 145 units @$4.41 and 60 units @ $5.00 110 units @$6.00 and 35 units @$1.50 and 60 units @ $5.00 85 units @$6.00 and 60 units @$1.50 and 60 units @ $5.00