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Aircard Corporation tracks the number of units purchased and sold throughout each accounting period but applies...

Aircard Corporation 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 perpetual inventory system. The following are the transactions for the month of July.

Units Unit Cost
July 1   Beginning Inventory 2,600      $46      
July 5   Sold 1,300     
July 13   Purchased 6,600      50      
July 17   Sold 3,600     
July 25   Purchased 8,600      56      
July 27   Sold 5,600     

Calculate the cost of ending inventory and cost of goods sold assuming a perpetual inventory system is used in combination with (a) FIFO and (b) LIFO.

(a) FIFO

     

(b) LIFO

     

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