Exercises aver E6-6 Dene Company uses a perpetual inventory system and reports the following inventory transactions App for the month of July: Units Unit Cost Total Cost abou July 1 Inventory 150 $5 $ 750 12 Purchases 230 6 1,380 15 Sale (250) 16 Purchases 490 7 3,430 23 Purchases 175 8 1,400 27 Sale (570) Instructions (a) Calculate the cost of goods sold and ending inventory under (1) FIFO and (2) average. (Hint: Round the average cost per unit to three decimal places.) (b) Which cost formula gives the higher ending inventory? Why? (c) Which cost formula results in the higher cost of goods sold? Why? ontstem and reports the following inventory transac-Apr- er