You have decided to open up a convenience store. You sell grapes. Determine the amount of ending merchandise inventory using a. FIFO and b: LIFO. Sept. 1 Purchased 20 pounds @ $.50 each 3 Purchased 20 pounds @ $.55 each. 7 Sold 30 pounds @ $1.00 each. Calculate the ending inventory and Cost of Goods Sold under LIFO and FIFO