54. Evaluate inventory valuation methods with the following data:

Date	Description	Quantity	Unit Cost ($)
01/01/XX	Beginning Inventory	600	10
15/01/XX	Purchase	700	12
25/01/XX	Sale	800
31/01/XX	Ending Inventory

Requirements:

• Calculate the cost of goods sold using the LIFO method.
• Determine the ending inventory value using the FIFO method.
• Present the calculations in a table format.
• Explain the implications of each valuation method.
• Discuss the impact on financial statements.
• Provide recommendations for inventory management.