Basra Electronics Retailers, a chain of electronics stores in Iraq, uses different inventory valuation methods, including FIFO (first-in, first-out) and LIFO (last-in, first-out). The company's inventory consists of 1,000 units of electronic gadgets. The cost of the oldest 500 units is IQD 50,000, while the cost of the newest 500 units is IQD 70,000. Calculate the value of ending inventory and cost of goods sold under both FIFO and LIFO methods. Discuss the impact of each method on the company's financial statements and taxable income.