James's main responsibilities as an inventory clerk at PBC Office Supplies include various aspects of ensuring good inventory control procedures. Today he will determine how the cost of three-subject notebooks sold differs under three possible methods. A review of accounting records indicates the following purchases of notebooks from their suppliers:

June 1	200 notebooks	$0.75 each	$150 total cost
June 10	250 notebooks	$0.80 each	$200 total cost
June 25	500 notebooks	$0.70 each	$350 total cost
June 30	200 notebooks	$0.75 each	$150 total cost
Total	1,150 notebooks		$850

A.) At their Fourth of July Back-to-School Sale, PBC sold 700 notebooks. What are the cost of goods sold and ending inventory under the LIFO method?

The cost of goods sold under the LIFO method is $_____.

(Round to the nearest cent as needed.)

The ending inventory under the LIFO method is $_____.

(Round to the nearest cent as needed.)

B.)

At their Fourth of July Back-to-School Sale, PBC sold 700 notebooks. What are the cost of goods sold and ending inventory under the FIFO method?

The cost of goods sold under the FIFO method is $_____.

(Round to the nearest cent as needed.)

The ending inventory under the FIFO method is $_____.

(Round to the nearest cent as needed.)