1. The JJ company uses a periodic inventory system. The beginning balance of inventory and purchases made by the company during the month of Dec 2019 are given below:

1. July 01: Beginning inventory, 500 units @ PKR 200 per unit.
2. July 18: Inventory purchased, 800 units @ PKR 240 per unit.
3. July 25: Inventory purchased, 700 units @ PKR 260 per unit.

The JJ company sold 1,400 units during the month of December. You are required to compute inventory on Dec 31, 2019, and cost of goods sold for the month of Dec using following inventory costing methods:

1. First in, first out (FIFO) method
2. Last in, first out (LIFO) method
3. Average cost method