This is the same problem information for Redbird Company. However, this time use the LIFO method. Redbird Company uses a perpetual inventory system. It sells its product to customers for $40 per unit. Below is information regarding inventory transactions for December. Dec.1 Beginning Inventory 70 units @ $14 = $980 Dec. 9 Purchase 1 30 units @ $16 = $480 Dec. 17 Sale 1 25 units Dec. 22 Purchase 2 15 units @ $18 = $270 Dec. 27 Sale 2 40 units

1. Using the LIFO inventory method, what is the Cost of Goods Sold for Sale 1?

2. Using the LIFO inventory method, what is the Cost of Goods Sold for Sale 2?

3.Using the LIFO inventory method, what is the cost of Ending Inventory?