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.

		Units	Unit Cost
July 1	Beginning Inventory	2,200	$42
July 5	Sold	1,100
July 13	Purchased	6,200	46
July 17	Sold	3,200
July 25	Purchased	8,200	52
July 27	Sold	5,200

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.

a)

FIFO (Perpetual)
	Units	Cost per Unit	Total
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

b)

LIFO (Perpetual)
	Units	Cost per Unit	Total
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