Please could someone help me, I need a brief explanation why the answer to the following are those. I am really confuse I need someone help me understand this, please guide me to right direction. Thanks

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Please explain to me as well briefly the solution for FIFO method, I need a step by step explanation and for average cost as well. Thanks!

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

June 1	Balance	1,400 units @ 24
June 14	Purchased	900 units @ 36
June 24	Purchased	700 units @ 30
June 8	Sold	400 units @ 50
June 10	Sold	1,000 units @ 40
June 29	Sold	500 units @ 44

Perpetual inventories are maintained in units only.

Required:

(a) FIFO = 35,400

(b) Average Cost = 31 900

All sales and purchases are on credit. Indicate in each of the spaces provided the effect of the described errors on the various elements of a company's financial statements. Use the following codes: O = amount is overstated; U = amount is understated; NE = no effect. Assume a periodic inventory system. Required: Please use Uppercases (Capital Letters) in answering Account Inventory Accounts Sales Cost of Receivable Payable Sales Excluded goods in rented NE U NE NEO warehouse from inventory count NE a. Goods in transit shipped "1.0.b. destination" by supplier were recorded as a purchase but were excluded from ending inventory b. Goods held on consignment NE were included in inventory count and recorded as a purchase 0 NE NE NE U TU c. Goods in transit shipped "f.o.b. shipping point" were not recorded as a sale and were included in ending inventory. NE NE d. Goods were shipped and appro-priately excluded from ending inventory but sale was not recorded