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 Units Cost Beginning Inventory $ 40 July 1 July 5 July 13 July 17 July 25 July 27 2,000 1,000 6,000 3,000 8,000 5,000 Sold Purchased 44 Sold Purchased 50 Sold 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) Cost Units Total per Unit Beginning Inventory 2,000 2$ 40 80,000 Purchases July 13 6,000 2$ 44 July 25 8,000 2$ 50 Total Purchases 664,000 Goods Available for Sale Cost of Goods Sold Units from Beginning Inventory 2,000 $ 40 Units from July 13 Purchase 6,000 2$ 44 Units from July 25 Purchase 2$ 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 nit Beginning Inventory Purchases July 13 July 25 Total Purchases 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 Ending Inventory