• Dene Company uses a perpetual inventory system and reports the following inventory transactions for the month of July:                                               Units             Unit Cost             Total Cost July 1             Inventory             150           $5                        $ 750 12                    Purchases            230            6.75     1,552.5 20                   Sale                      (250) 28                    Purchases            490             7               3,430 Instructions a. Calculate the cost of goods sold and ending inventory under (1) FIFO and (2) weighted average and (3) cumulative weighted average. (Round the weighted average cost per unit to two decimal places.) b. Which cost formula gives the higher ending inventory? Why? c. Which cost formula results in the higher cost of goods sold? Why?