During June, the following changes in inventory item 27 took place:

Perpetual inventories are maintained.

Instructions:

What is the cost of the ending inventory for item 27 under the following methods? (Show calculations, round to 2 decimal places.)

a) FIFO

b) Average

\begin{tabular}{|c|c|c|c|} \hline June & 1 & Balance & 1,400 units @\$24 \\ \hline & 14 & Purchased & 800 units @\$36 \\ \hline & 24 & Purchased & 700 units @$30 \\ \hline & 8 & Sold & 400 units@\$50 \\ \hline & 10 & Sold & 1,000 units @\$40 \\ \hline & 29 & Sold & 500 units @\$44 \\ \hline \end{tabular}