Exercise 2 - LIFO Perpetual See page 293 for guidance. Lighting Designs by Laura has the following list of beginning inventory, purchases, and sales for the month of May: 1" Beginning Inventory 500 light bulbs at $0.75 Purchase 300 light bulbs at $0.60 Sale 650 light bulbs at $2.25 124 Purchase 200 light bulbs at $0.50 16h Sale 275 light bulbs at $2.75 2204 Purchase 200 light bulbs at $0.70 30h Sale 125 light bulbs at $2.00 6 9 Calculate the cost of ending inventory using the last-in, first-out method under a perpetual inventory system