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

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At the end of the year, Lawrence's inventory consisted of 16,000 boxes of candy. a. Calculate Lawrence's ending inventory and cost of goods sold using the FIFO inventory valuation method. Ending inventory $ X Cost of goods sold Feedback Check My Work Beginning inventory Add: Purchases Equals: Costs of goods available for sale Less: Ending inventory Equals: Cost of goods sold consists of the earliest purchases. b. Calculate Lawrence's ending inventory and cost of goods sold using the LIFO inventory valuation method. Ending inventory $ Cost of goods sold $