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.)

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

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