Calculate Cost of Goods Sold and Ending Inventory under FIFO and LIFO (Perpetual Inventory) [LO 7-S1]

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	2,000	$40
July 5	Sold	1,000
July 13	Purchased	6,000	44
July 17	Sold	3,000
July 25	Purchased	8,000	50
July 27	Sold	5,000

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.