Dave Ltd. had a beginning inventory for May comprising 600 units that had cost $30 per unit. A summary of purchase and sales during May follows:

||Month||Unit cost||Units purchased||Units sold

|May 2| | |400

|May 6|$32|1,400|

|May 10| | |800

|May 19|$34|1,000|

|May 23| | |1,300

|May 30|$36|500|

Assuming Drave Ltd. uses periodic inventory systems; calculate the amount of ending inventory and Cost of goods sold under each of the following pricing methods:

1. Weighted average
2. First in first out

Please do not copy from Chegg otherwise i have to report the answer. Explain the answer throughly by showing each step of the calculation.