The Gomez Folding Chair Company has 400 chairs (at $15 each) in its beginning inventory for July. It makes the following purchases and sales of chairs during July:

Date Purchases Sales July 6 200 chairs @ $16 each 14 220 chairs @ $30 each 21 140 chairs @ $17 each 29 100 chairs @ $31 each Required: Compute the cost of goods sold and the ending inventory if the company uses the following:

(1) The perpetual inventory system and the FIFO cost flow assumption

(2) The perpetual inventory system and the LIFO cost flow assumption

(3) The periodic inventory system and the FIFO cost flow assumption

(4) The periodic inventory system and the LIFO cost flow assumption

 TYK-1