[The following information applies to the questions displayed below.] Charter Company, which uses the perpetual inventory method, purchases different letters for resale. Character had a beginning inventory comprised of seven units at $4 per unit. The company purchased four units at $6 per unit in February, sold eight units in October, and purchased four units at $7 per unit in December.

6.value: 1.00 pointsRequired information Use the information above to answer the following question. If Charter Company uses the LIFO method, what is the cost of its ending inventory? $50

$40

$56

$80

7.value: 1.00 pointsRequired information Use the information above to answer the following question. If Charter Company uses the LIFO method, what is the cost of goods sold for the year?

$50

$40

$56

$80