Suppose that David had the following transactions for his business inventory of widgets (purchase prices below).

Widget Purchase Date Direct Cost Other Costs Total Cost #1 August 15 $ 2,100 $ 100 $ 2,200 #2 October 30 $ 2,200 $ 150 $ 2,350

#3 November 10 $ 2,300 $ 100 $ 2,500

a) In late December, David sold widget #2. What cost of goods sold would David record if he elects to use the LIFO method this year?

b) In late December, David sold widget #2. What ending inventory would David record if he elects to use the FIFO method this year?