The Gomez Folding Chair Company has 400 chairs (at \(\$ 15\) each) in its beginning inventory for July. It makes the following purchases and sales of chairs during July:

Required: Calculate the cost of goods sold and the ending inventory for July if the company uses the following:
a The perpetual inventory system and the FIFO cost flow assumption.
b The perpetual inventory system and the LIFO cost flow assumption.

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Date Jul. 6 14 21 29 Purchases 200 chairs @ $16 each 140 chairs @ $17 each Sales 220 chairs @ $30 each 100 chairs @ $1 each