E7-17 (Algo) (Supplement 7A) Calculating Cost of Ending Inventory and Cost of Goods Sold under Perpetual FIFO and LIFO [LO 7-S1] Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method perpetually at the time of each sale, as if it uses perpetual inventory system. Assume Oahu Kiki's records show the following for the month of January. The company sold 280 units between January 16 and 23. Beginning Inventory Purchase Purchase Date January 1 Units Unit Cost Total Cost 220 $ 90 January 15 480 100 January 24 200 120 $ 19,800 48,000 24,000 Required: Calculate the cost of ending inventory and the cost of goods sold using the FIFO and LIFO methods. Cost of Ending Inventory Cost of Goods Sold FIFO LIFO