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