Perpetual SystemCalculating Ending Inventory and Cost of Sales Using FIFO Upland Co.s inventory records showed the following data accounted for in a perpetual inventory system.

What is (a) ending inventory on June 30, and (b) cost of goods sold for June, using the FIFO inventory method? Note: Do not use negative signs with any of your answers. Note: List the inventory units in chronological order based on their purchase date with beginning inventory, if any, listed first.

\begin{tabular}{|l|l|r|r|} \hline Date & & Units & Unit Cost \\ \hline June 1 & Inventory (beg.) & 500 & $8.00 \\ \hline June 3 & Purchases & 1,000 & 8.40 \\ \hline June 7 & Sales (at \$16 per unit) & 700 & \\ \hline June 20 & Purchases & 680 & 9.00 \\ \hline June 22 & Sales (at \$16 per unit) & 1,100 & \\ \hline \end{tabular} \begin{tabular}{|l|rr} \hline a. Ending Inventory & $ & 0 \\ \hline b. Cost of goods sold & $ & 15,100 \\ \hline \end{tabular}