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:

Month	Line Item Description	Amount
March 1	10,000 boxes at $1.55	$15,500
August 15	20,000 boxes at $1.65	33,000
November 20	10,000 boxes at $1.70	17,000

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 Description	Amount
Ending inventory	fill in the blank 1 of $
Cost of goods sold	fill in the blank 2 of $

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

Line Item Description	Amount
Ending inventory	fill in the blank 1 of $
Cost of goods sold	fill in the blank 2 of $