Wildhorse Lighting had a beginning inventory of 31 units at a cost of $7 per unit on August 1. During the month, the following purchases and sales were made. Purchases   Sales August 5   36 units at $8   August 2   26 units August 11   46 units at $9   August 10   31 units August 23   41 units at $10   August 19   61 units         August 21   31 units Wildhorse uses a periodic inventory system. Determine ending inventory and cost of goods sold under: 1. FIFO and 2. LIFO.

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