In its first month of operations, Quilt Inc. made three purchases of merchandise in the following sequence: (1) 250 units @ $6 each, (2) 200 units @ $8 each, and (3) 300 units @ $7 each. A physical inventory count determined that there were 400 units on hand at the end of the month. Assuming Quilt uses a periodic inventory system calculate the cost of the ending inventory and cost of goods sold using

(a) FIFO

(b) Average.

(For average, use unrounded numbers in your calculations but round to the nearest cent for presentation purposes in your answer.)