16. (5 points) The following pertain to the cost of Hs only inventory item:

• Inventory on hand, January 1 290 units @ $52 per unit
• Purchases, January 8 200 units @ $85 per unit
• Purchases, January 12 950 units @ $88 per unit
• Purchases, January 20 400 units @ $91 per unit
• Purchases, January 27 500 units @ $92 per unit
• Purchases, January 31 600 units @ $94 per unit

2,940

• Sales, January 5 250 units @ $200 per unit
• Sales, January 7 30 units @ $200 per unit
• Sales, January 13 200 units @ $200 per unit
• Sales, January 22 350 units @ $200 per unit
• Sales, January 30 540 units @ $200 per unit

1,370 (1,370 x $200 = $274,000)

Calculate COGS AND GP for January AND EI as of 01-31 assuming H uses perpetual LIFO

EI:

COGS:

Gross profit: