Product information for item 204 is as follows: Jan. 1 Apr. 24 Inventory 50 units @ $10 = $ 500 Purchase 30 units @ 8 = 240 July 10 Purchase 40 units @ 7 = 280 Nov. 15 Purchase Units available 35 units @ 8 = 155 Total cost 280 $1,300 By a physical count, it is estimated that 95 units are left in the ending inventory. (a) What is the value of the ending inventory under FIFO valuation? (b) Determine the cost of goods sold. Problem #2 - Calculate LIFO b solving for (a) and (b). Based upon the following information, determine under LIFO valuation (a) ending inventory of 120 units and (b) its cost of goods sold. Beginning inventory 100 units @ $15 = $1,500 Apr. 30 100 units @ 17 = 1,700 Sept. 30 100 units @ 18 = 1,800 Dec. 30 Available for sale 100 units @ 21 = 2,100 400 units $7,100