As in problem 1 above, Lannister Inc. holds 12,000 units of inventory on January 1, 2017, which have

the following costs using LIFO (last-in, first-out):

Inventory Lot	Date	Units	Cost / Unit	Total Cost
A	4/22/2012	2,000	$60	$120,000
F	10/15/2014	4,000	$84	$336,000
I	12/22/2016	6,000	$125	$750,000

During January 2017, Lannister records the following transactions:

• Sells 7,000 units on January 3.
• Purchases 4,000 units on January 10 at a cost of $130 per unit.
• Sells 2,000 units on January 12
• Purchases 3,000 units on January 18 at a cost of $132 per unit.
• Sells 2,000 units on January 25.

In answering the following questions, assume that Lannister uses a perpetual LIFO inventory system. Enter your answers as whole numbers, but do not include a $ with any of your answers.

1. Using perpetual LIFO, what was Lannisters cost of goods sold (COGS) for the sale that occurred on January 3? $
2. Using perpetual LIFO, what Lannisters cost of goods sold (COGS) for the sale that occurred on January 12? $
3. Using perpetual LIFO, what was Lannisters cost of goods sold (COGS) for the sale that occurred on January 25? $
4. Using perpetual LIFO, what was cost of goods sold (COGS) for the month of January, 2017? $
5. Compared to your result using periodic LIFO in question 1, is Lannister's LIFO COGS for January 2017 higher or lower using the perpetual system? Enter H or L.
6. True or false: LIFO COGS may be higher using a perpetual inventory system than a periodic system when inventory costs are steadily increasing over time. Enter T or F.

I mainly need #5 and #6!