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

		Debit				Credit
Cash		$ 5,000		Accumulated DepreciationEquipment		$ 1,100
Accounts Receivable		3,200		Accounts Payable		3,200
Inventory		2,700	*	Owners Capital		28,600
Equipment		22,000
		$ 32,900				$ 32,900

*( 4,500 x $ 0.60) The following transactions occurred during December:

Dec. 3		Purchased 4,400 units of inventory on account at a cost of $ 0.70 per unit.
5		Sold 4,900 units of inventory on account for $ 0.86 per unit. ( Lily sold 4,500 of the $ 0.60 units and 400 of the $ 0.70.)
7		Granted the December 5 customer $ 198 credit for 200 units of inventory returned costing $ 132. These units were returned to inventory.
17		Purchased 2,100 units of inventory for cash at $ 0.76 each.
22		Sold 3,500 units of inventory on account for $ 0.91 per unit. ( Lily sold 3,500 of the $ 0.70 units.)

Adjustment data:

1.		Recognized accrued salaries payable $ 700.
2.		Recognized depreciation $ 240 per month.

part a. Compute cost of goods sold under FIFO, assuming Lily Company uses the periodic inventory system.

it is not 5,422

part b. Compute cost of goods sold under LIFO, assuming Lily Company uses the periodic inventory system.

it is not 5,828