Q2 /

North Hills, Inc. sells an Xpert snowshoe that is popular with snowshoe enthusiasts. The following information shows North Hillss purchases and sales of Xpert snowshoes during January:

Date			Explanation		Units			Unit Cost			Unit Sales Price
Jan.	1		Beginning inventory		33			$299
	7		Purchases		24			304
	14		Sales		(38	)					$492
	19		Purchases		44			309
	22		Sales		(48	)					503
	25		Purchases		34			314
					49

(a)

Determine the cost of goods sold and ending inventory using (1) FIFO and (2) average cost, assuming North Hills uses a perpetual inventory system. (Round FIFO answers to the nearest whole dollar, e.g. 5,275 and Average cost answers to 2 decimal places, e.g. 15.25.)

	FIFO		Average
Cost of goods sold	$		$
Ending inventory	$		$