The DJ company uses a periodic inventory system. The beginning balance of inventory and purchases made by the company during December 2020 are given below. ----------------------------------------------------------------------------------------------(20)

December 01: Beginning inventory, 50 units @ Rs40 per unit.

December 18: Inventory purchased, 60 units @ Rs48 per unit.

December 20: Inventory purchased, 20 units @ Rs 52 per unit.

December 25: Inventory purchased, 70 units @ Rs56 per unit.

The DJ company sold 160 units during December 2020.

Required: Compute inventory on December 31, 2020, and cost of goods sold for December using the following inventory costing method:

a) Last in, first-out (LIFO) method.

b) Average cost method.

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