The following transactions occurred during December.

Dec. 3	Purchased 4,500 units of inventory on account at a cost of $1 per unit.
5	Sold 5,000 units of inventory on account for $1 per unit. (It sold 3,400 of the $0.55 units and 1,600 of the $0.70.)
7	Granted the December 5 customer $81 credit for 100 units of inventory returned costing $54. These units were returned to inventory.
17	Purchased 2,100 units of inventory for cash at $1 each.
22	Sold 1,700 units of inventory on account for $1 per unit. (It sold 1,700 of the $0.70 units.)

Compute ending inventory and cost of goods sold under FIFO, assuming Alto Company uses the periodic inventory system.

Compute ending inventory and cost of goods sold under LIFO, assuming Alto Company uses the periodic inventory system.

Ending Inventory Cost of Goods Sold