During June, the following changes in inventory item 29 took place:

June 1 Balance 1,400 units @ $24

14 Purchased 900 units @ $36

24 Purchased 700 units @ $30

8 Sold 400 units @ $50

10 Sold 1,000 units @ $40

29 Sold 500 units @ $44

Perpetual inventories are maintained in units only.

Instructions

What is the cost of the ending inventory for item 29 under the following methods? (Show calculations.)

(a) FIFO. [1.5 marks]

(b) Average Cost. [1.5 marks]