4. Texon has the following data related to an item of inventory: Inventory, May 1 2,000 units @ £4.20 Purchase, May 7 7,000 units @ £4.40 Purchase, May 16 1,400 units @ £4.50 Inventory, May 31 2,600 units (a) How much is the value assigned to cost of goods sold if Texon uses FIFO ? (b) How much is the value assigned to cost of goods sold if Texon uses average-cost? 05 (4 Points) Show the details of your answer Enter your answer