[FIFO & LIFO: #5 - #6] NVDIA Corp. had the following inventory in 2016.

Beginning Inventory, January 1, 2016: 130 units @ $20.00

Purchase 1 200 units @ $25.00

Purchase 2 50 units @ $18.00

Purchase 3 120 units @ $20.00

Ending Inventory, December 31, 2016: 120 units

1. Compute the cost of goods sold for 2016 under FIFO method of accounting for inventory:

2. Compute the cost of goods sold for 2016 under LIFO method of accounting for inventory: