Lawrence owns a small candy store that sells one type of candy. His beginning inventory of candy was made up to 10,000 boxes costing $1.50 per box ($15,000), and he made the following purchases of candy during the year.

March: 10,000 boxes at $1.55 - $15,500

August 15: 20,000 boxes at $1.65 - $33,000

Novermber 20: 10,000 boxes at $1.70 - $17,000

At the end of the year, Lawrence's inventory consisted of 16,000 boxes of candy.

A. Calculate Lawrences ending inventory and cost of goods sold using the FIFO inventory valuation method.

Ending inventory: $____

Cost of goods sold: $____

B. Calculate Lawrences ending inventory and cost of good sold using LIFO inventory valuation method.

Ending inventory: $____

Cost of goods sold: $____