Surplus, Inc. uses a periodic inventory system and the had the following activity for 2007:

                                       Purchases                     Sales                      Balance

January 1, 2007                                                                                  110 units at $50 or $5,500

2/10/07 purchase      80 units at $60 or $4,800

4/14/07 sale                                                       60 units

5/9/07 purchase       120 units at $70 or $8,400

7/14/07 sale                                                       120 units

10/21/07 purchase 100 units at $80 or $8,000

11/12/07 sale                                                      80 units

Calculate the ending inventory and cost of goods sold using the LIFO and FIFO methods.