FIFO and LIFO inventory cost calculations The following transactions occurred in relation to the widget inventory of Ruby Ltd during the month of July.

Date Transaction July 1 Began operations by purchasing 300 widgets for $6.00 each 8 Sold 50 widgets for $7.00 each 12 Sold 150 widgets for $7.00 each 13 Bought 500 widgets for $5.00 each 20 Sold 400 widgets at $6.00 each 22 Sold a further 100 widgets at $5.50 each 24 Bought a further 200 widgets at $4.00 each 29 Sold 150 widgets at $5.00 each Calculate the COGS and gross profit for July, assuming a perpetual inventory system is employed:

1 using FIFO 2 using LIFO