Montana Great Outdoors had the following inventory in fiscal 2012. Compute the company's cost of goods sold for fiscal 2012 assuming the company used a) FIFO and b) LIFO methods of accounting for inventory:
Beginning Inventory, August 1, 2011: 140 units @ $19.50
Purchase 300 units @ $19.00
Purchase 50 units @ $20.00
Purchase 120 units @ $20.30
Ending Inventory, July 31, 2012: 130 units