a maple compnany started the year with no inventory. DUring the year it purchased two identical inventory items at different times. The first unit cost $$800$ and the second $$700.$ One of the items was sold during the year. Based on this information how much oroduct cost would be allocated to cost of goods sold and ending inventory assuming use of a$.$ LIFO b$.$ FIFO$$b$.$ Describe the major difference between two methods and elaborate on the impact each may have on the financial statement