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Scrappers Supplies 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. Required: 1-a. Calculate the Cost of Goods Sold and Ending Inventory for Scrappers Supplies assuming it applies the LIFO cost method perpetually at the time of each sale. TIP. The sale of 320 units on April 1 is assumed, under LIFO, to consist of the 285 units purchased March 2 and 35 units from beginning inventory. 1-b. Does the use of a perpetual inventory system result in a higher or lower Cost of Goods Sold than the periodic inventory system when costs are rising? Complete this question by entering your answers in the tabs below. Calculate the Cost of Goods Sold and Ending Inventory for Scrappers Supplies assuming it applies the LiFO cost method perpetually at the time of each sale. TIP: The sale of 320 units on April 1 is assumed, under LIFO, to consist of the 285 units purchased March 2 and 35 units from beginning inventory