(Answered) Question - cullumber company uses a periodic inventory

Accounting

Question - Cullumber Company uses a periodic inventory system and its accounting records include the following inventory information for the month of July:

Units				Unit Cost	Total Cost
July 1	Inventory on hand	150	$5.00	$750.00
12	Purchase	230	6.75	1,552.50
20	Purchase	(250)
28	Purchase	490	7.00	3,430.00

A physical inventory count determined that 620 units were on hand at July 31.

Calculate the ending inventory and the cost of goods sold under (1) FIFO and (2) weighted average.

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