Return to question Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method perpetually at the time of each sale, as if it uses perpetual inventory system. Assume Oahu Kiki's records show the following for the month of January. The company sold 240 units between January 16 and 23 Beginning Inventory Purchase Purchase Date January 1 January 15 January 24 Units 120 380 200 Unit Cost $ 80 90 110 Total Cost $ 9,600 34,200 22,000 Required: Calculate the cost of ending inventory and the cost of goods sold using the FIFO and LIFO methods. Answer is complete but not entirely correct. FIFO LIFO Cost of Ending Inventory $ 61,600 59,400 Cost of Goods Sold $ 21,200 23,400 Complete the following table by selecting which inventory costing method (FIFO or LIFO) would lead to the effects noted in the rows, for each of the circumstances described in the columns 1. Declining Costs 2. Rising Costs a. Lowest net income b. Lowest ending inventory