The Concord Company counted physically their beginning balance on January 02, 2020 and subsequent inventory purchases made by the company during the month of January 2020 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 January 31, 2020 using the following inventory costing methods:

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

b) Weighted Average cost method.