Goh Enterprise is a wholesale distribution firm which has provided you with the following information from their sales stores in relation to a particular product line ER338.

Transaction		No. of units		Unit cost
1-Jan	Beginning inventory		300		$8.00
8-Jan	Purchased		600		$10.00
12-Jan	Purchased		120		$11.20
17-Jan		Sold		480
25-Jan	Purchased		360		$11.50
27-Jan		Sold		300

Required:

Using the periodic system, compute the costs of goods sold and ending inventory under the following methods (Note that when computing the weighted average cost, please round your answers to two decimal places):

(a) FIFO.

(b) Weighted average