Monty Ltd. uses the perpetual inventory system and reports the following inventory transactions for the month of June:

Date			Explanation		Units		Unit Cost/Price					Total Cost
June	1		Beginning inventory		1,600			$4				$6,400
	12		Purchases		2,400			5				12,000
	15		Sale		(2,640	)		12
	16		Purchases		4,680			6				28,080
	23		Purchases		1,520			7				10,640
	27		Sales		(5,940	)		15

Monty Ltd. uses the perpetual inventory system and reports the following inventory transactions for the month of June: Date Explanation Units Unit Cost/Price Total Cost June 1 Beginning inventory 1,600 $4 $6.400 12 Purchases 2,400 5 12,000 15 Sale (2.640) 12 16 Purchases 4,680 6 28.080 23 Purchases 1,520 7 10,640 27 Sales (5.940) 15 (a) Determine the cost of goods sold and the cost of the ending inventory using (1) FIFO and (2) Average cost. (Round average cost per unit and answers to 2 decimal places, e.g. 1.25.) FIFO Average Cost of goods sold Cost of ending inventory $ $