Carstow uses the periodic inventory method. (In the periodic method it is assumed that all sales occur the last day of the accounting period - or after all purchases during the period.)Carstow had the following inventory transactions in May, of the current year.

On May 1, Carstow had 250 units in inventory that cost $8 each.

On May 14, Carstow purchased 800 units at $10 each.

On May 20, Carstow purchased 60 units at $13 each.

On May 24, Carstow purchased 110 units at $14 each.

Carstow sold 840 units on May 28th for $28 each.

#1 Compute COGS under FIFO:

#2 Compute EI under FIFO: