The following information is taken from the accounting records of Golden Ltd for the year ended 31 December 2016. Golden Ltd uses a perpetual inventory system.

Determine the cost of ending inventory as at 31 December 2016 and the cost of goods sold and gross profit for the year ended 31 December 2016 assuming:
1. FIFO 

2. LIFO.

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January 1 March 10 June 25 August 30 October 5 Opening inventory Purchases Sales Purchases Sales Purchases November 26 December 31 Sales Units 2000 2200 1800 1800 2 500 3 000 2000 Purchase price per unit $56 $55 $52 $50 Selling price per unit $60 $65 $63