Student P is analyzing inventory valuation methods for Company Pi. Given the following inventory transactions during the year:

• Beginning Inventory: $25,000
• Purchases: $80,000
• Sales Revenue: $120,000
• Ending Inventory: $20,000 Evaluate the cost of goods sold and ending inventory under the FIFO (First-In, First-Out) and LIFO (Last-In, First-Out) inventory valuation methods.