4 Use the following information to calculate ending inventory on (a) a LIFO basis, (b) a FIFO basis, and (e) an average-cost basis. Assume a perpetual inventory system. July 1 Beginning Inventory 9 Purchases 17 Sales 22 Purchases 25 Sales 27 Purchases 30 Sales 90 units @ $5 40 units @ S6 50 units 25 units @ $4 75 units 35 units @ $7 40 units