Assume that a retailer's beginning inventory and purchases of a popular item during January included (1) 370 units at $770 in beginning inventory on January 1 (2) 520 units at $8.70 purchased on January 8, and (3) 820 units at $970 purchased on January 29 The company sold 420 units on January 12 and 620 units on January 30 Required: 1. Calculate the cost of goods sold for the month of January under a FIFO (periodic calculation) () FIFO (perpetual calculation). ( LIFO (periodic calculation), and (c) LIFO (perpetual 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), (c) LIFO (periodic calculation), and (d) LIFO (perpetual calculation). 24 995 Cost of Goods Sold a FIFO (periodic calculation) D. FIFO (perpetual calculation) LIFO (periodic calculation) d. UFO (perpetual calculation) C Required 2 >