M7-19 (Supplement 7A) Calculating Cost of Goods Sold and Ending Inventory under FIFO and LIFO (Perpetual Inventory) [LO 7-S1] Aircard Corporation 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 perpetual inventory system. The following are the transactions for the month of July July 1 July 5 July 13 July 17 July 25 July 27 Beginning Inventory Sold Purchased Sold Purchased Sold Units Unit Cost 2,100 $41 1,050 6,100 45 3,100 8, 100 51 5, 100 Calculate the cost of ending inventory and cost of goods sold assuming a perpetual inventory system is used in combination with (a) FIFO and (b) LIFO. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required a Required B Calculate the cost of ending inventory and cost of goods sold assuming a perpetual inventory system is used in combination with LIFO. LIFO (Perpetual) Units Total Cost per Unit $ 41 2,100 $ 86,100 45 6,100 8,100 $ $ $ $ 51 Beginning Inventory Purchases July 13 July 25 Total Purchases Goods Available for Sale Cost of Goods Sold Units from Beginning Inventory Units from July 13 Purchase Units from July 25 Purchase Total Cost of Goods Sold 687,600 773,700 $ 1,050 3,100 1,050 $ 41 $ 45 $ 41 X 225,600 $ 548, 100 Ending Inventory