Assume that Barb City acquires $2,000 of inventory on May 1, 2022, having held no inventory previously. On June 30, 2022, the end of Barb Citys fiscal year, a physical count shows $1,400 still in stock. During 2023, $900 of this inventory is used, resulting in a $500 remaining balance of supplies on June 30, 2023. How should Barb City account for these inventories? Show both the purchase and consumption methods.