Beginning inventory January 1st: 500 units at a price of $20

Purchases in January: 100 units at a price of $22

Purchases in February: 225 units at a price of $24.50

Purchases in March: 200 units at a price of $2

For the given data, calculate the ending inventory value using the FIFO and LIFO methods, assuming a

periodic record-keeping method. Calculate sales, cost of goods sold, and gross margin for each inventoryvaluation

method, assuming that the sale price from the local auto parts store to the end customer is $43

per gasket. Make sure you explain how you arrive at your solution.