NOPQ Inc. uses the LIFO method for inventory costing. For the year ended December 31, 2023:

• Beginning Inventory: 1,200 units at $22 per unit
• Purchases:
  • April 1: 2,000 units at $24 per unit
  • July 1: 1,500 units at $26 per unit

• Sales:
  • 3,500 units sold during the year

• Ending Inventory: 1,200 units
• Calculate the cost of goods sold (COGS) using the LIFO method.
• Determine the value of ending inventory using the LIFO method.
• Compare the results obtained under the periodic inventory system with those under a perpetual inventory system.
• Discuss how the choice between periodic and perpetual inventory systems affects NOPQ Inc.’s financial reporting and decision-making.