Mike's Beans had the following perpetual inventory records for September for a coffee maker:

September 1: beginning inventory 45 units at a cost of $35 each

September 6: sold 30 units at $55

September 8: purchased 85 units at a cost of $40 each

September 17: sold 40 units at $55

September 30: sold 50 units at $55

A. calculate ending inventory, cost of merchandise sold and gross profit using the FIFO method.

B. calculate ending inventory, cost of merchandise sold and gross profit using the LIFO method

C. which inventory costing method provides the highest cost of merchandise sold in a period of rising cost? why?