ACC 330 Corporation shows the following data related to an item of inventory under a periodic inventory system.

Inventory, January 1 100 units @ $5.00

Purchases, January 9 300 units @ $5.40

Purchases, January 19 70 units @ $6.00

Inventory remaining in the warehouse on January 31: 150 unit

REQUIRED:

1. What value should be assigned to the ending inventory and cost of goods sold using FIFO?
2. What value should be assigned to the ending inventory and cost of goods sold using LIFO?