Determine ending inventory under a perpetual inventory system. LO9 Fontana Ltd began operations on 1 July. It uses a perpetual inventory system. During July the business had the following purchases and sales. Purchases Date Units Unit cost Sales units July 5 $ 95 6 Co 11 4 106 14 3 21 3 112 27 4 Required (a) Determine the ending inventory under a perpetual inventory system using (1) FIFO, (2) average cost and (3) LIFO. (b) Which costing method produces the highest cost allocation to ending inventory