Problem! FIFO and LIFO inventory methods. -During June, the following changes in inventory item 27 took place: June 1 Balance 10 Sold 1,400 units @ $24 14 Purchased 800 units@ $36 24 Purchased 700 units@ $ 30 8 sold 400 units@ $50 za sold 1,000 units@ $40 500 units @144 - Perpetual inventories are maintained. Instructions - Whatis the cost of the ending inventory and cost of goods sold for item 27 under the following methods? (show calculations and proof). a.) FIFO b.) LIFO