PA7-4 (Supplement 7A) Analyzing the Effects of the LIFO Inventory Method in a Perpetual Inventory System LO 7-S1] Gladstone Company tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the time of each sale, as if it uses a perpetual inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31 Unit Cost Transactions Units Beginning inventory, Janu ary 1,500 50 Transactions during the year: a. Purchase, January 30 b. Sale, March 14 ($100 each) c. Purchase, May 1 d. Sale, August 31 ($100 each) 2,200 (1,390) 1,140 (1,600) 62 1. Calculate the cost of goods sold and ending inventory for Gladstone Company assuming it applies the LIFO cost method perpetually at the time of each sale Cost of Goods Sold Ending Inventory