Barnett Bicycles is a local bicycle retailer. It had 8 town cruiser style bicycles in its inventory at the beginning of June. They were originally purchased at a cost of $320 each. Barnett's purchase and sales transactions related to this bicycle model during the first week of June consisted of the following: Purchases 12 bicycles at $360 each on June 1 10 bicycles at $340 each on June 5 Sales (all bicycles were sold for $500 each) 6 bicycles on June 2 5 bicycles on June 4 8 bicycles on June 7 Using the information above, answer the two questions below. Each box needs an answer. Enter dollar values with no dollar sign and appropriate commas (e.g. 5,000). ROUND ANSWERS TO THE NEAREST DOLLAR AND DO NOT INCLUDE CENTS (e.g. enter 5,000.14 as 5,000). 1. If Barnett uses the FIFO method and periodic system for valuation of its inventory, what is Barnett's COGS for the first week of June? 6.520 2. If Barnett uses the Average Cost method and periodic system for valuation of its inventory, what is the balance in Barnett's Ending Inventory at the end of the first week of June?