Peninsula Company uses a perpetual inventory system. Use the following information to calculate cost of goods sold for the month of December. Dec. 1 Beginning Inventory Purchase Sales Purchase Sales Ending Inventory 55 units @ $22 20 units @ $25 15 units 45 units $28 65 units 40 units 9 17 27 31 Compute cost of goods sold on (A) LIFO basis (B) FIFO basis