FIFO and LIFO periodic inventory methods

The Pine Shop shows the following data related to an item of inventory:

• January 01, Balance, 100 units @ $5.00
• January 09, Purchase, 300 units @ $5.40
• January 19, Purchase, 70 units @ $6.00
• January 31, Balance, 120 units

Instructions

1. What value should be assigned to the ending inventory using FIFO?
2. What value should be assigned to cost of goods sold using LIFO?

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