Salt and Mineral $($SAM$)$ began $2024$ with $320$ units of its one product. These units were purchased near the end of $2023$ for $$22$ each. During the month of January, $160$ units were purchased on January $8$ for $$25$ each and another $320$ units were purchased on January $19$ for $$27$ each. Sales of $160$ units and $280$ units were made on January $10$ and January $25,$ respectively. There were $360$ units on hand at the end of the month. SAM uses a periodic inventory system.

Required:

Calculate ending inventory and cost of goods sold for January using FIFO.

Calculate ending inventory and cost of goods sold for January using average cost.