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.

Transactions	Units	Unit Cost
Beginning inventory, January 1	180	$ 28
Transactions during the year:
a. Purchase on account, March 2	290	30
b. Cash sale, April 1 ($44 each)	(330)
c. Purchase on account, June 30	230	34
d. Cash sale, August 1 ($44 each)	(55)

Required:

1. 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 330 units on April 1 is assumed, under LIFO, to consist of the 290 units purchased March 2 and 40 units from beginning inventory.

1. 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?