records of the swain new products co show the following 280036

Records of the Swain New Products Co. show the following data relative to Product M:

March 2 Inventory . . . . . . . . . . . . . . . . . . . . . 450 units at $26.00

3 Sale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 400 units at $33.00

6 Purchase . . . . . . . . . . . . . . . . . . . . . . . . . . 350 units at $27.50

13 Purchase . . . . . . . . . . . . . . . . . . . . . . . . . 300 units at $28.00

20 Sale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300 units at $34.50

25 Purchase . . . . . . . . . . . . . . . . . . . . . . . . . 100 units at $27.00

28 Sale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200 units at $35.00

Instructions: Calculate the inventory balance and the gross profit on sales for the month on each of the following bases.

1. Perpetual FIFO

2. Periodic FIFO