Accounting Principles

GGG Pty. Ltd. uses a periodic inventory system. GGG had the following records during the month of September: 
Date    Description    Units    Unit Cost    Total Cost
Sept 1    Beginning inventory    5,000    $2.00    $10,000
Sept 13    Inventory purchased    8,000    $2.40    $19,200
Sept 21    Inventory purchased    7,000    $2.60    $18,200
Total        20,000        $47,400
GGG sold 14,000 units during the month.
Calculate inventory on 30th September and COGS for the month using each of the following inventory costing methods:
a.    FIFO method (show your workings):

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