A company has made the following purchases of merchandise during the Month of July: July 1 purchased 380 units at \$15 dollars each July 5 purchased 270 units at \$20 dollars each July 9 sold 500

A company has made the following purchases of merchandise during the Month of July:

•July 1 purchased 380 units at \$15 dollars each

•July 5 purchased 270 units at \$20 dollars each

•July 9 sold 500 units at \$55 dollars each

•July 14 purchased 300 units at \$24 dollars each

•July 20 sold 250 units at \$55 dollars each

•July 30 purchased 250 units at \$30 each

Using the purchase information found above, answer the two questions below. As you complete each question, be sure to show the numbers/information you used to reach your final answer.

1.There was no beginning inventory. If the company uses the first-in, first-out method and the perpetual system, what would be the cost of the ending inventory?

2.There was no beginning inventory. If the company uses the last-in, first-out method and the perpetual system, what would be the cost of the ending inventory?