Question 8 Grouper Ltd. uses the perpetual inventory system and reports the following inventory transactions for the month of June: Unit Cost $4 Total Cost $5,560.00 12,000 Date Explanation June 1 Beginning inventory 12 Purchases 15 Sale 16 Purchases 23 Purchases 27 Sales Units 1,390 2,400 (2,550) 4,230 1,650 (5,370) 25,380 11,550 (a) Determine the cost of goods sold and the cost of the ending inventory using (1) FIFO and (2) Average cost. (Round average final answers to 2 decimal places, e.g. 1.25. Do not round intermediate calculations.) FIFO Average Cost of goods sold A Cost of ending inventory A