Consider the following transactions for Tradex Company.

Purchase:

January 10 units to 25 each

February 15 units to 30 each

April 20 units at 35 each

Sales:

March 15 units to 50 each

May 18 units at 60 each

Calculate the cost of sales and gross profit based on inventory cost method FIFO.

Calculate the cost of sales and gross profit based on the LIFO inventory cost method.