Maine Corporation sells item A as part of its product line, using the periodic system. Information as to balances on hand, purchases, and sales of item A are given in the following table for the first six months of 2020:

Quantities

Unit Price

Date Purchased Sold Balance of Purchase

January 11 300 $5.00

January 24 1,300 1,600 5.20

February 8 300 1,300

March 16 560 740

June 11 600 1,340 5.60

Part a) Calculate the cost of goods sold for the first six months of 2020, and the						Part b) Calculate the cost of goods sold for the first six months of 2020, and the
ending inventory value, using the FIFO cost formula. (5 marks)