3. A record of transactions for the month of May was as follows:

Purchases

1-May(balance) 400 @ $4.20

4th, 1,300 @ $4.10

8th 800 @ $4.30

14th 700 @ $4.40

22nd 1,200 @ $4.50

29th 500 @ $4.55

Sales

3-May 200 @ $7.00

6th 1,000 @ 7.00

12 900 @ 7.50

18th 400 @ 7.50

25th 1,400 @ 8.00

Assuming that perpetual inventory records are kept in dollars, determine the ending inventory and the cost of goods sold using:

LIFO

FIFO