Using the information in PA7-1, calculate the cost of goods sold and ending inventory for Glad-stone Company assuming it applies the LIFO cost method perpetually at the time of each sale. Compare these amounts to the periodic LIFO calculations in requirement 1 a of PA7-1. Does the use of a perpetual inventory system result in a higher or lower cost of goods sold when costs are rising?
Refer PA7-1

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Transactions Units Unit Cost Beginning inventory, January 1 Transactions during the year: a. Purchase, January 30 b. Sale, March 14 ($100 each) c. Purchase, May 1 d. Sale. August 31 ($100 each) 1,200 $50 2,500 (1.450) 1,200 (1.900) 62 80