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The Rock Shop shows the following data related to an item of inventory:Inventory, January 1100 units @ $5.00Purchase, January 9300 units @ $5.40Purchase, January 19100

The Rock Shop shows the following data related to an item of inventory:Inventory, January 1100 units @ $5.00Purchase, January 9300 units @ $5.40Purchase, January 19100 units @ $6.00Inventory, January 31150 units Instructions

(a)What value should be assigned to the ending inventory using FIFO?

(b)What value should be assigned to cost of goods sold using Average Cost?

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