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Zurich Co. uses the perpetual inventory method. During June, the following changes in inventory item...

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Accounting

Zurich Co. uses the perpetual inventory method. During June, the following changes in inventory item 27 took place:

June 1 Balance 1,400 units @ $24

14 Purchased 800 units @ $36

24 Purchased 700 units @ $30

8 Sold 400 units @ $50

10 Sold 1,000 units @ $40

29 Sold 500 units @ $44

What is the cost of goods sold for item 27 under the following methods? (a) FIFO __________ (b) LIFO __________

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