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 Beginning inventory, January 1 Transactions during the year: a. Purchase on account, March 2 b. Cash sale, April 1 ($46 each) c. Purchase on account, June 30 d. Cash sale, August 1 (546 each) Required: Units Unit Cost 160 $ 30 280 32 36 (310) 210 (60) 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 310 units on April 1 is assumed, under LIFO, to consist of the 280 units purchased March 2 and 30 units from beginning inventory. 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?