The Concord Company counted physically their beginning balance on January 02, 2020 and subsequent inventory purchases made by the company during the month of January2020 are given below:

Date	Description	Units	Rate
Jan. 02	Beginning Inventory	300	$10
Jan. 11	Purchased	600	12
Jan 23	Purchased	700	11

The company sold 1,300 units during the month of January 2020.

Instructions: The company uses periodic inventory system. Compute the cost of goods sold and ending inventory on January31, 2020 using the following inventory costing methods:

a) First in, first out (FIFO) method. (10 marks)

b) Weighted Average cost method. (10 mark