Gonzales Company had the following information for the year ending December 31:

Units Unit Cost

Beginning inventory 220 $30

Purchase:April 6 260 35

Sale:May 4 370

Purchase:July 19 490 42

Sale:September 9 240

Purchase:October 10 100 43

Gonzales uses the perpetual inventory system and the LIFO method.

Required: Using LIFO

(a) Compute the cost of ending inventory.

(b) Compute the cost of goods sold for the year.

Cost of ending inventory $

Cost of goods sold $