Sales during the year were 860 units. Beginning inventory was 290 units at a cost of $4 per unit. Purchase 1 was 430 units at $5 per unit. Purchase 2 was 670 units at $6 per unit. Required:

a. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using FIFO method.

b. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using LIFO method