The Delta company uses a perpetual inventory system. The beginning balance of inventory and purchases made by the company during the month of July, 2016 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 Delta company sold 1,400 units during the month of July. Required: Compute inventory on July 31, 2016 and cost of goods sold for the month of July using following inventory costing methods: First in, first out (FIFO) method and AVCO method