1)
	Date	Description	Quantity
	1/1/22	Purchased	3 Items @ $20 per item
	7/1/22	Purchased	4 items @ $10 per item
	7/30/22	Sold	5 items
	10/1/22	Purchased	5 items @ $10 per item
	12/1/22	Purchased	10 items @ $20 per item
	12/21/22	Sold	10 items
a)	Calculate both the ending inventory and the COGS using the FIFO method.
b)	using the COGS calculated from above, if you had $1,000 in sales, what would your net income be?
2)
	Date	Description	Quantity
	1/1/22	Purchased	3 Items @ $20 per item
	7/1/22	Purchased	4 items @ $10 per item
	7/30/22	Sold	5 items
	10/1/22	Purchased	5 items @ $10 per item
	12/1/22	Purchased	10 items @ $20 per item
	12/21/22	Sold	10 items
a)	Calculate both the ending inventory and the COGS using the LIFO method.
b)	using the COGS calculated from above, if you had $1,000 in sales, what would your net income be?