Use the following information to calculate ending inventory and cost of goods sold using the perpetual inventory system. Assume a LIFO basis May 1 Beginning Inventory = 70 units @ $7 cost per unit 5 Purchase 20 units @ $8 cost per unit 7 Sale 35 units 10 Purchase 35 units @ $9 cost per unit 15 Sale 10 units Feel free to make a table on your paper like the one below to calculate your answer (don't forget to destroy your paper when you finish the test) Date Goods Cost Purchased of Goods Sold Inventory Balance For question 1. what was the total cost of goods sold? For question 1, what was the total cost of goods sold? O a. $610 O b. $355 O c. $955 O d. $425 QUESTION 2 See Question #1. How much isthe value of ending inventory? is the O a. $355 O b. $610 O c. $955 O d. $425