The records of The Grayson Group showed the following transactions, in the order given, relating to the major inventory item:

		Units	Unit Cost
1.	Inventory	3,000	$7.30
2.	Purchase	4,000	5.20
3.	Sale (at $17)	5,000
4.	Purchase	3,000	6.30

Complete the following schedule for each independent assumption. Please make sure your final answer(s) are accurate to the nearest whole number.

		Amounts
Independent Assumptions	Cost of goods sold	Ending Inventory	Gross Profit
a. FIFO inventory system
b. Moving average inventory system