Witt Hardware had an inventory of 1,000 hammers valued at $5.00 each to begin the month. Witt sold 800 hammers on the 10th of the month and purchased 1,000 hammers for $5.40 each on the 12th. On the 18th, Witt sold 500 hammers. On the 20th, Witt purchased another 1,000 hammers at $5.80 each. Finally, on the 28th, Witt sold 750 hammers. Witt's cost of good sold for the month on a FIFO and on a LIFO basis is . Correct