McCain Corporation uses the FIFO method for internal reporting purposes and LIFO for external reporting purposes. Rising input prices over the years have caused balances in the LIFO Reserve account at the end of 2016 and 2017 of $120,000 and $180,000, respectively. McCain's reports Cost of Goods Sold of $900,000 and Ending Inventory of $300,000 in its external financial reports using LIFO.

What is McCain's Cost of Goods Sold under FIFO?

1. $720,000
2. $780,000
3. $840,000
4. $960,000
5. None of the above

Using the information above, what is McCain's Ending Inventory under FIFO?

1. $120,000
2. $180,000
3. $420,000
4. $480,000
5. None of the above