MERCHANDISING AND INVENTORY Use of perpetual inventory system for merchandise inventory Hughes Company had the following information for the year ending December 31: Units Unit Cost Beginning inventory 380 $45 Purchase: April 6 560 43 Sale: May 4 530 Purchase: July 19 290 41 Sale: September 9 510 Purchase October 10 390 34 Hughes 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. Explanation Check Search 2 a