FIFO and LIFO inventory methods.

During June, the following changes in inventory item 27 took place:

June 1 Balance 1,400 units @ $24

14 Purchased 800 units @ $36

24 Purchased 700 units @ $30

8 Sold 400 units @ $50

10 Sold 1,000 units @ $40

29 Sold 500 units @ $44

Perpetual inventories are maintained.

Instructions

What is the cost of the ending inventoryand cost of goods sold under the following methods

(a) FIFO.

(b) LIFO.