The Navaro Company provides the following information regarding its inventory:

i. 10 units were sold for $17 each as opening inventory;

ii. During the year, 12 more units were purchased at a cost of $13 each;

iii. 8 units were sold for $28 each.

a. Determine the gross profit of the firm for the current year using the inventory valuation techniques of both FIFO and LIFO. Show how you come up with the answer

b. Explain the gross profit you received for question a) using both LIFO and FIFO. Why is the gross profit for FIFO different from the gross profit for LIFO?