Source Enterprises reports the following inventory information for the current year.

Compute the ending inventory and the cost of goods sold under the LIFO perpetual basis.

LIFO Inventory Description Beginning inventory: January 1 Unit Cost x Units Total Cost 7.200 14,300 $21,500 First layer S 9 x800 $13 x 1.100 1.900 Second layer Total beginning inventory Purchases or Production: 11,200 $32,700 August 31 Cost of goods available for sale Units sold on December 1 at 9.60 Ending inventory: December 31 $ 16700 2,600 (2,300) 300