DEF Ltd uses a periodic inventory system. The beginning inventory of a particular product, and the purchases during the current year, were as follows: Jan 1 Mar 18 Jul 31 Dec 26 Beginning inventory. Purchase Purchase Purchase Total available for sale in year 300 units @ $6.50 = 1,100 units @ $7.50 = 1,500 units @ $7.80 = 1,100 units @ $8.50 = 4,000 units $ 1,950 8,250 11,700 9.350 $31,250 At December 31, the ending inventory of this product consisted of 1,450 units. Determine the cost of the year-end inventory and the cost of goods sold for this product under each of the following methods of inventory valuation: (a) First-in, first-out; (b) Average cost (round your answers to the nearest dollar)