Chapter 7 exercises Saved 2 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 July Units Unit Cost 1.5 2,600 1,300 6,600 3,600 8,600 5,600 July 1 July 5 July 13 July 17 July 25 July 27 Beginning Inventory Sold Purchased $46 points 50 Sold Purchased 56 Sold eBook 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 Print Complete this question by entering your answers in the tabs below. References 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 per Units Total Unit 46 119,600 Beginning Inventory 2,600 $ Purchases 6,600 $ 50 July 13 8,600 $ July 25 56 Total Purchases 811,600 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 0 Ending Inventory LIFO (Perpetual) Cost per Units Total Unit Beginning Inventory $ 0 Purchases July 13 July 25 Total Purchases 10 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 0 Ending Inventory