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 2,000 $ 40 July 5 Sold 1,000 July 13 Purchased 6,000 44 July 17 Sold 3,000 July 25 Purchased 8,000 50 July 27 Sold 5,000 Required: 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.