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 $31.$

Required:

$1-$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 $390$ units on April $1$ is assumed, under LIFO, to consist of the $350$ units

purchased March $2$ and $40$ 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?

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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 $390$ units on April $1$ is assumed, under LIFO, to consist of the $350$ units

purchased March $2$ and $40$ units from beginning inventory.