Asume Cycle Guys, Inc. bought and sold a line of mountain bikes during October as follows: (Click the icon to view the data) Cyde Guys, Inc., uses the perpetual inventory system. The perpetual inventory records for October under the FIFO and LIFO methods are as folows: (Click the icon to view the perpetual FIFO record.) (Click the icon to view the perpetual LIFO record) Read the requirements Requirement 2. Compute the cost of ending inventory under LIFO. LIFO: Purchases Unit Qty Cost Date Cost of goods sold Unit Total Cost Cost Total Coat Qty Oct 1 5 7 $ 3105 2,170 930 12 20 $ 295 $ 5,000 Inventory on hand Unit Total Olty Cost Cost 10$ 310 $ 3.100 3 $ 3105 31 $ 310$ 2015 295 $ 5,000 3$ 3105 930 8 $ 205 $ 2,360 3 $ 310$ 930 4$ 295 $ 1.180 7 21 12 $ 295 $ 3,540 30 45 295 $ 1,180 Total 20 5 5.900 23 $ 5,800 Requirement 3. Which method results in a higher cost of ending inventory? in times of inventory prices, as is the case here, the method that results in the higher cost of ending inventory is Enter any number in the edit fields and then continue to the next