Inventory records for Herb's Chemicals revealed the following: March 1, 2011, inventory:

1,000 gallons @ $7.20 = $7,200

Purchases

Mar 10 600 gals@7.25

Mar 16 800 gals@ 7.30

Mar 23 600 gals@7.35

Sales

Mar 5 400 gals

Mar 14 700 gals

Mar 20 500 gals

Mar 26 700 gals

1) What is The ending inventory under a periodic inventory system assuming average cost (rounding unit cost to three decimal places) ?

2) What is the Ending inventory assuming LIFO in a perpetual inventory system ?

Please show your work