MusicMagic.net specializes in sound equipment. Because each inventory item is expensive, MusicMagic uses a perpetual inventory system. Company records indicate the following data for a line of speakers:
Date Item Quantity Unit Cost Sale Price
Sep 1 Balance 17 $62
Sep 3 Purchase 3 71
Sep 8 Sale 5 $114
Sep 12 Sale 7 114

Requirements:
Determine the amounts that MusicMagic should report for the cost of goods sold and ending inventory two ways:
a) FIFO
b) LIFO