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Skip to Main Conten O MERCHANDISING AND INVENTORY Try again. Vantress v Use of perpetual inventory system for merchandise inventory... swer is incorrect. Cost of ending inventory: Your answer is incorrect. . Cost of goods sold: Your answer is incorrect. Adams Company had the following information for the year ending December 31: Units Unit Cost Beginning inventory 270 $38 Purchase: April 6 410 40 Sale: May 4 470 M Purchase: July 19 510 42 Sale September 9 340 Purchase: October 10 100 44 Adams uses the perpetual inventory system and the LIFO method. Required: Using LIFO (a) Compute the cost of ending inventory. (b) Compute the cost of goods sold for the year. Cost of ending inventory $ 21,800 Cost of goods sold $ 31,420