2 [CLO-2] ABC Company was formed on January 1, 2022. The following information is available from ABC's inventory record for Product X January 1 Beginning inventory January 5 Purchases January 8 Purchases January 10 Sales January 15 Purchases January 18 Sales January 25 Purchases Required: 1,600 units $18 2,600 units @$20 2,400 units $21 2,000 units 1,000 units @$22 2.100 units 1,800 units @$23 6 points Part a) Calculate the amount of cost of goods sold and the value of the ending inventory for the month of January by using First lo-First Out (FIFO) method of inventory valuation (5 marks) Part b) If we use average method of inventory valuation in the above situation of rising prices, what will be the impact on the closing inventory and the cost of goods sold? (1 mark) [Note: You are not required to show any calculation for this part (b)) For the toolbar, press ALT+F10 (PC) or ALT-FN+F10 (Mac BIUS Paragraph Anal 10pt Ex AN