Apple Inc. uses the perpetual inventory system. The following transactions took place during

January 2023.

Date

Jan. 1 Opening Inventory

7 Purchase #1

9 Sale #1

21 Purchase #2

24 Sale #2

Units Cost

100

10

80

20

40

2

3

Required:

1. Calculate cost of goods sold for the January 9 and 24 sales, and ending inventory using the FIFO cost flow assumption.
2. Calculate the cost of goods sold for the January 9 and 24 sales, and ending inventory using the Specific Identification cost flow assumption. Assume that:

• on January 9, the specific units sold were 72 units from opening inventory and 8 units from the January 7 purchase and
• the specific units sold on January 24 were 23 units from opening inventory and 17 units from the January 21 purchase.