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 Cost 50 Date Explanation Units Jun-01 Inventory 150 Jun-15 Purchase 200 Jun-30 Purchase 300 Jul-14 Purchase 500 Jul-28 Purchase 250 Totals 1400 60 65 Total Cost 7500 12000 19500 27500 12500 79000 55 50 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)