arvas XCO DE Inventory costing methods (10 points). During June, Nelson's Widgets showed the following activity in widget inventory: June 1 Balance 1,400 units @ $24 Purchased 800 units @ $36 Purchased 700 units @ $30 Sold 400 units @ $50 Sold 1.000 units @ $40 Sold 600 units @ $44 Perpetual inventories are maintained. Instructions: What is the Cost of Goods Sold and the cost of the Ending Inventory for widget inventory under: 1. a) The FIFO method of inventory costing? (Show calculations.) b) The LIFO method of inventory costing? (Show calculations.)