Betty Pty Ltd began operations on 1 July 2024. It uses a perpetual inventory system. During July the business had the following purchases and sales:

Purchase
Date	Units	Unit Cost	Sales Unit
July 1	5	$87
July 6			3
July 11	4	$96
July 14			3
July 21	3	$105
July 27			5

 

Required:

Determine the ending inventory under a perpetual inventory system using (1) FIFO and (2) average cost. Show all workings.