16.70 points Assume that a retailer's beginning inventory and purchases of a popular item during January included: (1) 490 units at $8.90 in beginning inventory on January 1, (2) 640 units at $9.90 purchased on January 8, and (3) 940 units at $10.90 purchased on January 29. The company sold 540 units on January 12 and 740 units on January 30 Required 1. Calculate the cost of goods sold for the month of January under (a) FIFO (periodic calculation), (b) FIFO (perpetual calculation), (c) LIFO (periodic calculation), and (d) LIFO (perpetual calculation). of Goods a. FIFO (periodic b. FIFO (perpetual calculation) e. LIFO (periodic ealculation) d. LIFO (perpetual calculation) 2. Which cost flow assumption and calculation approach would you recommend to management in order to save taxes? FIFO Periodic O FIFO Perpetual OLIFO Periodic LIFO Perpetual References eBook& Resources General Journal Difficulty: 2 Modium Leaming Objective: 074SYB) FIFO and LIFO Cos Goods Sold under Periodic versus Perpetual Systems