34. Evaluating inventory valuation methods, consider the following data:

Date	Description	Quantity	Unit Cost ($)
01/01/XX	Beginning Inventory	400	10
15/01/XX	Purchase	500	12
25/01/XX	Sale	600
31/01/XX	Ending Inventory

Your requirements are as follows:

• Calculate the cost of goods sold using the FIFO method.
• Determine the ending inventory value using the LIFO method.
• Present the calculations in a table format.
• Provide a paragraph explaining the implications of each valuation method.
• Discuss the impact of inventory valuation on financial statements.
• Include a bullet list of recommendations regarding inventory management.