E$5\mathrm{.}6$ Calculate inventory and cost of sales using FIFO and LIFO.

SurfsUp Ltd sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Below is information relating to SurfsUp's

purchases of Xpert snowboards during May. During the same month, $124$ Xpert snowboards were sold. SurfsUp uses a periodic

inventory system.

Required

a$.$ Calculate the ending inventory at $31$ May using the FIFO and LIFO methods. Prove the amount allocated to cost of sales

under each method.

b$.$ For both FIFO and LIFO, calculate the sum of ending inventory and cost of sales. What do you notice about the answers you

found for each method?