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.

Transactions		Units				Unit Cost
Beginning inventory, January 1			1,800				$	5.00
Transactions during the year:
a.	Purchase, January 30		2,500					6.20
b.	Sale, March 14 ($10 each)		(1,450	)
c.	Purchase, May 1		1,200					8.00
d.	Sale, August 31 ($10 each)		(1,900	)

Required: 1. Calculate the Cost of Goods Sold and Ending Inventory for Gladstone Limited assuming it applies the LIFO cost method.

ending inventory
cost of goods sold

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.

ending inventory
cost of goods sold