Use the following information for questions 46 and 47.

Niles Co. has the following data related to an item of inventory:

Inventory, March 1 200 units @ $2.00

Purchase, March 7 700 units @ $2.20

Purchase, March 16 140 units @ $2.25

Inventory, March 31 260 units

46. The value assigned to ending inventory if Niles uses LIFO is

a. $532.

b. $552.

c. $546.

d. $584.

The value assigned to cost of goods sold if Niles uses FIFO is

a. $ 580.

b. $ 552.

c. $1,676.

d. $1,696.