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Beta company uses the periodic inventory system. The beginning balance of inventory and subsequent inventory purchases...

Beta company uses the periodic inventory system. The beginning balance of inventory and subsequent inventory purchases made by the company during the month of July 2019 are given below:

  • July 01: Beginning inventory, 500 units @ $20 per unit.
  • July 18: Inventory purchased, 800 units @ $24 per unit.
  • July 25: Inventory purchased, 700 units @ $26 per unit.

The Beta company sold 1,600 units during the month of July.

Required: Compute the cost of goods sold and ending inventory on July 31, 2019 using the following inventory costing methods:

  1. First in, first out (FIFO) method
  2. Weighted Average cost method
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