8. A company markets a sports equipment and uses the perpetual inventory system to account for its merchandise. The beginning balance of the inventory and its transactions during the first week of January, football cleats were as follows: January 1 Beginning balance 20 pairs @ $35 per pair.

January 3 Purchased 36 pairs @ $38 per pair.

January 4 Sold 25 pairs @ $50 per pair.

January 6 Purchased 22 pairs @ $40 per pair.

January 7 Sold 30 pairs @ $50 per pair.

Required: Using the LIFO method of valuation, determine the: a) Cost of sales

b) Value of the ending inventory.

Date	Purchases	Sales Quantity	Cost of sales	Closing inventory