The Furn Store sells home furnishings, including bean bag chairs. Here is the first quarter information for bean bag chairs:

Date Number of Items Cost per Item

January 1 (Beginning Balance) 16 $19

January 17 Purchased 5 20

February 10 Purchased 12 21

March 1 Purchased 11 22

Bean bag chairs sold = 29

1. Determine Furns cost of goods sold and ending inventory under periodic FIFO.

2. Determine Furns cost of goods sold and ending inventory under periodic LIFO.