Please do the lifo version and fifo answer separately, with 2 answers. Thank You!

The inventory transactions of VTS Corporation are shown below. Date Transaction Jan. 1 Beginning inventory Feb. 25 Sale May 21 Purchase Jul. 15 Purchase Dec. 10 Sale Number of Unit Units Cost/Price 500 $10 300 20 400 12 500 15 800 20 All purchase/sale transactions are made on credit. The company uses the FIFO method and perpetual inventory system to record transactions. What is the amount of LIFO adjustment needed to adjust FIFO inventory records reported for the year to LIFO for external reporting purposes? Multiple Choice $1,300 $4,500 O $3,000 $1,000