Salt and Mineral (SAM) began 2024 with 200 units of its one product. These units were purchased near the end of 2023 for $20 each. During the month of January, 100 units were purchased on January 8 for $23 each and another 200 units were purchased on January 19 for $25 each. Sales of 130 units and 110 units were made on January 10 and January 25, respectively. There were 260 units on hand at the end of the month. SAM uses a periodic inventory system.

Required:

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