Assume that a retailer's beginning inventory and purchases of a popular item during January included (1) 300 units at $7 in beginning inventory on January 1, (2) 450 units at $8 purchased on January 8, and (3) 750 units at $9 purchased on January 29. The company sold 350 units on January 12 and 550 units on January 30, Required: 1. Calculate the cost of goods sold for the month of January under (a) FIFO (periodic calculation), (b) FIFO (perpetual calculation), and (c) LIFO (periodic calculation). 2. Which cost flow assumption and calculation approach would you recommend to management in order to save taxes? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate the cost of goods sold for the month of January under (a) FIFO (periodic calculation), (b) FIFO (perpetual calculation), and (c) LIFO (periodic calculation). Cost of Goods Sold a. FIFO (periodic calculation) b. FIFO (perpetual calculation) c. LIFO (periodic calculation) $ 7,050 $ 7,050