Lawrence owns a small candy store that sells one type of candy. His beginning inventory of candy was made up of 10,000 boxes costing $1.50 per box ($15,000), and he made the following purchases of candy during the year:

Month	Line Item Description	Amount
March 1	10,000 boxes at $1.55	$15,500
August 15	20,000 boxes at $1.65	33,000
November 20	10,000 boxes at $1.70	17,000

At the end of the year, Lawrences inventory consisted of 16,000 boxes of candy.

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a. Calculate Lawrence's ending inventory and cost of goods sold using the FIFO inventory valuation method.

Line Item Description	Amount
Ending inventory
Cost of goods sold

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b. Calculate Lawrence's ending inventory and cost of goods sold using the LIFO inventory valuation method.

Line Item Description	Amount
Ending inventory
Cost of goods sold