Question 2
Barrett Arms Corporation manufactures optics and provides you with the following transaction information for the month of June 2021.
01-Jun	Opening inventory balance 12,320 units @ $22 each
06-Jun	Purchased 175 units @ $31 each
13-Jun	Purchased 490 units @ $24 each
19-Jun	Purchased 665 units @ $16 each
29-Jun	Purchased 1,005 units @ $42 each
Inventory is counted on June 30th and they find they only have 915 units left meaning xx units were sold during the month.
Management has asked you to provide them with the ending inventory value and cost of goods sold under the FIFO and Weighted Average methods. They use a periodic inventory system.
Requirements:
a.	Calculate the closing inventory balance (in dollars) and the cost of goods sold (in dollars) using the FIFO method.
b.	Calculate the closing inventory balance (in dollars) and the cost of goods sold (in dollars) using the weighted average method. Round to the nearest cent. IE $X.XX
c.	If management is trying to show higher net income, which method should they use?