Q2. ABC Ltd. is a metal product manufacturing company. The following are the purchases and issues during the month of July, 2019: (1.5 Marks)

Date
July 1	Beginning Inventory	400 units @ $120
July 6	Purchase	250 units @ $150
July 11	Purchase	200 units @ $100
July 17	Sales	600 units @ $300
July 19	Purchase	150 units @ $120
July 21	Purchase	350 units @ $160
July 31	Sales	500 units @ $350

Required:

Using FIFO and Average Cost Method-

1. Find out the value of Ending Inventory after each transaction.
2. Find out the value of cost of goods sold after each sales.

Note: You can round off the values for the calculations under average cost method.