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.

	Cost of Merchandise Sold	Ending Inventory	Gross Profit
First in, First out (FIFO)	-----------Blank 1	-------- Blank 2	-------Blank 3
Last in, First out (LIFO)	------ Blank 4	------Blank 5	------ Blank 6