31. A company had the following purchases and sales during its first year of operations Purchases Sales 6 units January February May: Septembe 10 units at $120 20 units at $125 15 units at $130 5 units 9 units 12 units at $135 8 units Novembe 10 units at $140 13 units A. On December 31, there were 26 units remaining in ending inventory. Using the Perpetual FIFO inventory valuation method, what is the cost of the ending inventory? Note: Assume all sales were made on the last day of the month. a. b. $3,405. $3,200. $3,365. $3,540. $3,270. e. B. Using the attached T-account template (landscape mode) prepare the purchase entries and the month end sales entry. Remember, each T-account must be presented under the correct balance sheet category to earn points. No. 31B ASSETS = LIABILITIES + EQUITY Non-current Assets Current Assets Property. Intangible Plant & Investment Assets/ Equipments Other Current Liabilities Non- Current Liabilities Contribute Earned d Capital Capital Accum lated OCI