Question 4 During the month of June, the following inventory transactions occurred for Spoiled Pets Ltd. Date Units June 1 June 8 June 10 June 14 June 24 June 29 Opening balance Sold Sold Purchased Purchased Sold 1,400 400 1,000 800 700 500 Unit cost/price $24 $50 $40 $36 $30 $44 Required: 1. Using FIFO, what is the balance in ending inventory on June 30? Show your calculations. (2 marks) 2. Assuming that the company uses a periodic inventory system, what is the balance in ending inventory on June 30 using the weighted average costing system? Show your calculations