Ivanhoe Company uses a perpetual inventory system and reports the following inventory transactions for the month of July: Units Unit Cost Total Cost July 1 Inventory 150 $13.00 $1,950.00 12 Purchases 230 14.75 3,392.50 20 Sale (250) 28 Purchases 490 16.00 7,840.00 Calculate the cost of goods sold and ending inventory under (1) FIFO and (2) weighted average. (Round the weighted average cost per unit to two decimal places, e.g. 5.27 and final answers to 2 decimal places, e.g. 5,275.75.) FIFO Weighted average Cost of goods sold $ $ Ending inventory $ $ Which cost formula gives the higher ending inventory? cost formula gives the higher ending inventory. Which cost formula results in the higher cost of goods sold? cost formula results in the higher cost of goods sold