Sheridan Company began operating on October 1, 2022. It prepares monthly financial statements. A tabular summary including information as of December 1, 2022, is shown below in the instructions. Note that the Inventory balance of $ 4,500 is based on 7,500 units costing $ 0.60 per unit. Also, the $ 42,500 balance in Retained Earnings represents the results for the first two months of operations. The following transactions occurred during December.

Dec. 3		Purchased 10,000 units of Inventory on account at a cost of $ 0.70 per unit.
5		Sold 11,000 units of inventory on account for $ 0.90 per unit. ( Sheridan sold 7,500 of the $ 0.60 units and 3,500 of the $ 0.70.)
7		Granted the December 5 customer $ 450 credit for 500 units of inventory returned costing $ 370. These units were returned to inventory.
17		Purchased 5,500 units of inventory for cash at $ 0.80 each.
22		Sold 5,000 unit of inventory on account for $ 0.95 per unit. ( Sheridan sold 5,000 of the $ 0.70 units.)

Adjustment data:

1.		Accrued salaries and wages payable $ 1,000.
2.		Depreciation on equipment $ 500 per month.
3.		Income tax expense was $ 546, to be paid next year.

QUESTION 1:

Compute ending inventory and cost of goods sold under FIFO, assuming Sheridan Company uses the periodic inventory system. (Round answers to 0 decimal places, e.g. 125.) Asking for Ending inventory and COGS

QUESTION 2:

Compute ending inventory and cost of goods sold under LIFO, assuming Sheridan Company uses the periodic inventory system. (Round answers to 0 decimal places, e.g. 125.) Asking for Ending inventory and COGS

Thank you in advance!