Consider the Following Inventory Information Using the First-In, First-Out (FIFO)method and the Periodic Inventory System

question 61

Essay

Consider the following inventory information:
$\begin{array}{lll} &&\text { Cost pes }\\& \# \text { units } & \text { unit } \\\hline \text { Beginning inventory, January 1 } & 900 & \$ 300 \\\text { Purchase, January 7 } & 250 & \$ 350 \\\text { Purchase, January 22 } & 550 & \$ 325 \\\text { Units sold in January } & 1,400 & ? ? \\\text { Ending inventory, January 31 } & 300 & ? ?\end{array}$ Using the first-in, first-out (FIFO)method and the periodic inventory system, calculate the cost of goods sold in January and the cost of inventory on January 31.

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