The Rock Shop shows the following data related to an item of inventory:
Inventory, January 1 100 units @ $5.00
Purchase, January 9 300 units @ $5.40
Purchase, January 19 70 units @ $6.00
Inventory, January 31 100 units
(a) What value should be assigned to the ending inventory using FIFO?
(b) What value should be assigned to cost of goods sold using LIFO?