Use of perpetual inventory system Powell Company had the following information for the year ending December 31: Units Unit Cost Beginning inventory 310 $43 Purchase: April 6 460 42 Sale: May 4 510 Purchase July 19 360 41 Sale September 9 580 Purchase October 10 600 36 Powell uses the perpetual inventory system and the LIFO method. Required: Using LIFO (a) Compute the cost of ending inventory. (b) Compute the cost of goods sold for the year. Explanation Check Type here to search how to cite hp