Q#1) Aero Company uses a periodic inventory system. Following is the record for the month of June and July, it is observed that in two months 800 units were sold. Unit Total Date Explanation Units Cost Cost Jun-01 Inventory 150 50 7500 Jun-15 Purchase 200 60 12000 Jun-30 Purchase 300 65 19500 Jul-14 Purchase 500 55 27500 Jul-28 Purchase 250 50 12500 Totals 1400 79000 Instructions a) Under FIFO, LIFO and Average cost method compute the cost of ending inventory on July 31. b) Under FIFO, LIFO and Average cost method find the cost of goods sold. (06) (06)