2.50 points PA7-4 (Supplement 7A) Analyzing the Effects of the LIFO Inventory Method in a Perpetual Inventory System LO 7-S1 Gladstone Company tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the time of each sale, as if it uses a perpetual inventory system Assume its accounting records provided the following information at the end of the annual accounting period, December 31 Units Unit Cost 2,100 $50 Beginning inventory, January Transactions during: a. Purchase, January 30 b. Sale, March 14 ($100 each) c. Purchase, May 1 d. Sale, August 31 ($100 each) 2,800 62 (1,510) 1,260 80 2.200) 1. Calculate LIFO cost method perpetually at the time of each sale. the cost of goods sold and ending inventory for Gladstone Company assuming it applies the Cost of Goods Sold Ending Inventory 2.50 points E7-16 (Supplement 7A) Calculating Cost of Ending Inventory and Cost of Goods Sold under Perpetual FIFO and LIFO [LO 7-S1] Orion Iron Corp. tracks the number of units purchased and sold throughout each year but applies its inventory costing method perpetually at the time of each sale, as if it uses perpetual inventory system. Assume Orion Iron Corp's records show the following for the month of January. ts Unit Cost 350 a. Inventory. Beginning For the year b. Purchase, April 11 c. Purchase, June 1 d. Sale, May 1 (sold for $42 per unit) e. Sale, July 3 (sold for $42 per unit) $14 950 700 350 12 15 Operating expenses (excluding income tax expense, $18.,000 Required: Calculate the cost of ending inventory and the cost of goods sold using the FIFO and LIFO methods. Cost of Ending Inventory Cost of Goods Sold