On December 1, 2014, Harrisen Company had inventory (3,400 x $0.55) = $1,870

The following transactions occurred during December:

Dec 3 Purchased 4,600 units of inventory on account at a cost of $0.74 per unit. Dec 5 Sold 5,000 units of inventory on account for $0.89 per unit. (It sold 3,400 of the $0.55 units and 1,600 of the $0.74.) Dec 7 Granted the December 5 customer $178 credit for 200 units of inventory returned costing $110. Dec 17 Purchased 2,500 units of inventory for cash at $0.80 each. Dec 22 Sold 2,300 units of inventory on account for $0.94 per unit. (It sold 2,300 of the $0.74 units.)

(a) Compute ending inventory and cost of goods sold under FIFO, assuming Harrisen Company uses the periodic inventory system.

(b) Compute ending inventory and cost of goods sold under LIFO, assuming Harrisen Company uses the periodic inventory system.