2. ABC Co. has the following data related to inventory and uses the perpetual inventory system: Transactions for the month of July were: Purchases Sales July 1 (balance) 3,200 @ $3 July 2 2,400 @ $5 3 8,800 @ 4 6 6,400 @ 5 7 4,800 4.10 9 4,000 @ 6.00 15 7,200 @ 4.20 10 1,600 @ 7.00 22 2,000 @ 4.50 18 5,600 @ 7.00 25 800 @6.00 Assuming that perpetual inventory records are kept in units only, answer the following questions: a. ABC uses the weighted average (moving) method to allocate inventory cost between Ending Inventory and Cost of Goods Sold. What value is assigned to: EI: CGS: b. ABC uses the LIFO cost flow assumption to allocate inventory cost between Ending Inventory and Cost of Goods Sold. What value is assigned to: EI: CGS