During July, the following changes in inventory item 100 took place:

July 1 Balance 600 units @ $20

8 Sold 400 units @ $40

10 Purchased 1,000 units @ $22

14 Sold 700 units @ $40

24 Purchased 700 units @ $24

What is the cost of goods sold and the ending inventory for item 100 under the following methods? (Show calculations.)

(a) LIFO, FIFO and Average Cost under periodic

(b) LIFO, FIFO and Average Cost under perpetual