On December 1, 2022, Crane Company had the account balances shown below.

		Debit				Credit
Cash		$5,500		Accumulated DepreciationEquipment		$1,500
Accounts Receivable		4,200		Accounts Payable		3,600
Inventory		2,400	*	Owners Capital		27,000
Equipment		20,000
		$32,100				$32,100

*(4,000 x $0.60) The following transactions occurred during December:

Dec. 3		Purchased 4,200 units of inventory on account at a cost of $0.74 per unit.
5		Sold 4,600 units of inventory on account for $0.90 per unit. (Crane sold 4,000 of the $0.60 units and 600 of the $0.74.)
7		Granted the December 5 customer $201 credit for 200 units of inventory returned costing $134. These units were returned to inventory.
17		Purchased 2,200 units of inventory for cash at $0.80 each.
22		Sold 3,100 units of inventory on account for $0.95 per unit. (Crane sold 3,100 of the $0.74 units.)

Compute ending inventory and cost of goods sold under FIFO, assuming Crane Company uses the periodic inventory system. Ending Inventory SA 2264 Cost of Goods Sold $ 5004 Compute ending inventory and cost of goods sold under LIFO, assuming Crane Company uses the periodic inventory system. Ending Inventory $ 2400 Cost of Goods Sold $ 4868