The Delta company uses aperiodic inventory system. The beginning balance of inventory and the purchases made by Delta during the month of July are given below:

Date	Description	Units	Unit cost	Total cost
July 01	Beginning inventory	500	$20	$10,000
July 18	Inventory purchased	800	$24	$19,200
July 25	Inventory purchased	700	$26	$18,200
Total	-
2,000	$47,400
-

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

Required:Compute inventory on 31st July and cost of goods sold for the month of July using following inventory costing methods:

1. First in, first out (FIFO) method