Norris Company uses the perpetual inventory system and had the following purchases and sales during March.

Purchases

Sales

Units

Unit Cost

Units

Selling Price/Unit

3/1

Beginning inventory

100

$40

3/3

Purchase

60

$50

3/4

Sales

70

$80

3/10

Purchase

200

$55

3/16

Sales

80

$90

3/19

Purchase

40

$60

3/25

Sales

120

$90

Using the inventory and sales data above, calculate the value assigned to cost of goods sold in March and to the ending inventory at March 31 using FIFO and LIFO.

Cost of goods sold for FIFO and LIFO

Ending inventory FIFO and LIFO