Delta company uses the periodic inventory system. The beginning balance of inventory and subsequent inventory purchases made by the company during the month of July 2019 are given below:

• July 01: Beginning inventory, 500 units @ $20 per unit.
• July 18: Inventory purchased, 800 units @ $24 per unit.
• July 25: Inventory purchased, 700 units @ $26 per unit.

The Delta company sold 1,400 units during the month of July.

Required: Compute the cost of goods sold and ending inventory on July 31, 2019 using the following inventory costing methods:

1. First in, first out (FIFO) method (10 marks)
2. Weighted Average cost method (10 marks)