TEST CODE: 6323 Problem 3 (3 points): During April, the following changes in inventory item 25 took place: April 1 Balance 8 Purchased 10 Sold 14 Sold 24 Purchased 1,200 units @ $10 400 units @ $12 1,000 units @ $22 400 units @ $25 700 units (@$13 29 Sold Perpetual inventories are maintained. Instructions 500 units @ $25 1. Calculate the cost of goods sold and the cost of the ending inventory for item 25 under the FIFO method? (Show calculations.) 2. Calculate the cost of goods sold and the cost of the ending inventory for item 25 under the Weighted average method? (Show calculations.)