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:

MonthLine Item DescriptionAmountMarch 110,000 boxes at $1.55$15,500August 1520,000 boxes at $1.6533,000November 2010,000 boxes at $1.7017,000

At the end of the year, Lawrences inventory consisted of 16,000 boxes of candy.

Question Content Area

a. Calculate Lawrence's ending inventory and cost of goods sold using the FIFO inventory valuation method.

Line Item DescriptionAmountEnding inventoryfill in the blankCost of goods soldfill in the blank 2

b. Calculate Lawrence's ending inventory and cost of goods sold using the LIFO inventory valuation method.

Line Item DescriptionAmountEnding inventoryfill in the blankCost of goods soldfill in the blank