E6.6 - Apply perpetual FIFO and weighted average. Answer questions about results. Dene Company uses a perpetual inventory system and reports the following inventory transactions for the month of July a Units 150 230 (250) 490 Unit Cost $5.00 $6.75 July | Inventory 12 Purchases 20 Sale 28 Purchases $7.00 Instructions a) Calculate the cost of goods sold and ending inventory under (1) FIFO and (2) weighted average (round the weighted average cost per unit to two decimal places.) FIFO Purchases Cast Cost of goods sold Cost Inventory balance Cost Date Units Total Units Total Units Total TOTALS 0 0 0 0 0 0 Cost Units CHECK 0 Cost of goods available for sale Less: Cost of goods sold Ending inventory 0 0 0 matches Weighted Average Purchases Cost Cost of goods sold Cost Inventory balance WA Cost Date Units Total Units Total Units Total TOTALS 0 01 0 0 0 Cost Units CHECK Cost of goods available for sale Less: Cost of goods sold Ending inventory 0 0 0 0 0 matches 0 Cost of goods sold Ending inventory Comparison FIFO Weighted Average b) Which cost formula gives the higher ending inventory? Why? c) Which cost formula results in the higher cost of goods sold? Why