Information is provided for Lucan Ltd. below.

Required:
Calculate cost of goods sold and ending inventory for Lucan Ltd., using the average cost and FIFO cost formulas. Assume Lucan uses a periodic inventorysystem.

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Date June 30, 2018 July 5, 2018 July 8, 2018 July 15, 2018 July 20, 2018 July 22, 2018 July 29, 2018 July 31, 2018 Purchases Sales Balance 8,500 units $8.50 2,400 units $9.00 4,200 units$15.00 4,400 units$9.50 7,500 units @$16.00 6,000 units$9.75 5,200 units $16.50 4,400 units @$