Maple company uses the periodic inventory system. The beginning balance of inventory and subsequent inventory purchases made by the company during the month of March 2019 are given below:

• March 01: Beginning inventory, 450 units @ $18 per unit.

• March 18: Inventory purchased, 600 units @ $20 per unit.

• March 25: Inventory purchased, 700 units @ $26 per unit.

The Mark company sold 1,300 units during the month of July.

Required:

Calculate the cost of goods sold and ending inventory on March 31, 2019 using the following inventory costing methods:

1. First in, first out (FIFO) method (10 marks)

2. Weighted Average cost method (10 marks)