ABC Company provides the following information for the month of August.

Date

Units

$/Unit

Total

Aug 1

Opening inventory

40

$ 30

$1,200

Aug 3

Purchase

60

$ 35

$2,100

Aug 10

Sale

100

$ 60

$6,000

Aug 22

Purchase

90

$ 40

$3,600

Aug 24

Sale

70

$ 70

$4,900

Required:

(a) What is the cost of goods sold if the company uses a perpetual inventory system and the FIFO method of valuing inventory?

(b) What is the cost of goods sold if the company uses a perpetual inventory system and the weighted average method of valuing inventory