Gladstone Limited 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 periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Units 1,800 Unit Cost $ 5.00 Transactions Beginning inventory, January 1 Transactions during the year: a. Purchase, January 30 b. Sale, March 14 ($10 each) C. Purchase, May 1 d. Sale, August 31 ($10 each) 6.20 2,500 (1,450) 1,200 (1,900) 8.00 Required: 1. Calculate the cost of Goods Sold and Ending Inventory for Gladstone Limited assuming it applies the LIFO cost method. $ 11,170 Ending inventory Cost of goods sold $ 22,930 2-a. Calculate the cost of Goods Sold and Ending Inventory assuming it applies the LIFO cost method perpetually at the time of each sale. 6,830 Ending inventory Cost of goods sold $ $ 22,930