ACCOUNTINGI Chapter 6 Worksheet Class: Student Name: During January, a company that uses a perpetual inventory system had beginning inventory purchases, and sales as follows: Unit S1 O 1 OO Beginning inventory 40 purchase Jan 60 10 sold Jan. 13 70 15 purchase 50 Jan. 23 Nold The selling price per unit is $20. 1. Using the perpetual inventory system, calculate the total cost of goods sold for January and cost of the 31" inventory for the following methods. Show all your work using the companys January format class! a) FIFO b) LIFO d) Weighted average the question using the amounts calculated us Prepare journal entries for the events listed in FIFO method. 2. A company made the following purchases during the year: 15 units at $360 each Jan. 10 25 units at $390 each Mar. 15 10 units at S420 each Apr. 25 20 units at S450 each July 30 15 units at S480 each Oct. 10 On December 31, there were 28 units in ending inventory. These 28 units consisted of 1 from the 30 January 10 purchase, 2 from the March 15 purchase, 5 from the April 25 purchase, 15 from the July purchase, and 5 from the October 10 purchase. Using perpetual inventory system, calculate the cost goods sold and ending inventory for the year using the specific identification method. Show all your work using the format provided in the text (Note: Answers do not using the periodic inventory system)