During 2018, Noval Company sells 270 units of inventory for $100 each. The company has the following inventory purchase transactions for 2018.

Date	Transaction	Number of Units				Unit Cost		Total Cost
Jan. 1	Beginning inventory			70		$	83	$	5,810
Apr. 7	Purchase			190			85		16,150
Oct. 9	Purchase			90			87		7,830
				350				$	29,790

Required:

1. Calculate ending inventory, cost of goods sold, and gross profit for 2018, assuming the company uses LIFO with a periodic inventory system. (Input all values as positive values.)

2. To comply with IFRS, the company decides to instead account for inventory using FIFO. Calculate ending inventory, cost of goods sold, and gross profit for 2018. (Input all values as positive values.)

3. What would be the effects in the companys income statement and balance sheet of using FIFO instead of LIFO to account for inventory.