The Cyber Company uses a perpetual inventory system. The beginning balance of inventory and purchases made by the company during the month of July 2019 are given below:

July 01: Beginning Inventory, 500 units @ $20 per unit.

July 18: Inventory purchased, 800 units @ $24 per unit.

July 25: Inventory purchased, 700 units @ $26 per unit.

The Cyber company sold 1,400 units during the month of July.

Required:

Compute inventory on July 31, 2019. And Cost of Goods Sold for the month of July using the following inventory methods.

FIFO

Average cost method