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. Calculafe 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 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 2-b. Does the use of a perpetual inventory system result in a higher or lower Cost of Goods Sold when costs are rising? Higher Lower