The following units of a particular item were available for sale during the year:

Beginning inventory 150 units @ $755

Sale 120 units @ $925

First purchase 400 units @ $785

Sale 200 units @ $925

Second purchase 300 units @ $805

Sale 290 units @ $925

The firm uses the perpetual inventory system and there are 240 units of the item on hand at the end of the year.

Determine the cost of merchandise sold, ending inventory and gross profit using (a) FIFO and (b) LIFO.