The following data are available for Parks Inc. for the fiscal year ended on January 31, 20X1:

Sales: 1,600 Units

Beginning Inventory: 500 Units at $4.00

Purchases in chronological order: 600 Units at $5.00, 800 Units at $6.00, and 400 units at $8.00.

1. Calculate cost of goods sold and ending inventory under the following cost-flow assumptions (using a periodic inventory system):
   1. FIFO.
   2. LIFO. Round the unit cost answer to two decimal places and ending inventory to the nearest $10.