Aircard Corporation tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period as if it uses a perpetual inventory system. The following are the transactions for the month of July. Unit Cost $ 40 July 1 July 5 July 13 July 17 July 25 July 27 44 Units 2,000 1,000 6,000 3,000 8,000 5,000 Beginning Inventory Sold Purchased Sold Purchased Sold 50 Required: Calculate the cost of ending inventory and cost of goods sold assuming a perpetual inventory system is used in combination with (a) FIFO and (b) LIFO. Required A Required B Calculate the cost of ending inventory and cost of goods sold assuming a perpetual inventory system is used in combination with FIFO. FIFO (Perpetual) Units Total Cost per Unit $ 40 Beginning Inventory 2,000 80,000 Purchases $ 44 July 13 July 25 6,000 8,000 $ 50 Total Purchases 664,000 Goods Available for Sale $ 40 Cost of Goods Sold Units from Beginning Inventory Units from July 13 Purchase Units from July 25 Purchase 2,000 6,000 $ 44 $ 50 Total Cost of Goods Sold 344,000 Ending Inventory Required A Required B Calculate the cost of ending inventory and cost of goods sold assuming a perpetual inventory system is used in combination with LIFO. LIFO (Perpetual). Cost per Units Total Unit Beginning Inventory 0 Purchases July 13 July 25 Total Purchases 0 Goods Available for Sale Cost of Goods Sold Units from Beginning Inventory Units from July 13 Purchase Units from July 25 Purchase Total Cost of Goods Sold 0 Ending Inventory