Assume that a retailer's beginning inventory and purchases of a popular item during January

ncluded $(1)350$ units at $$7\mathrm{.}50$ in beginning inventory on January $1,(2)500$ units at $$8\mathrm{.}50$

purchased on January $8,$ and $(3)800$ units at $$9\mathrm{.}50$ purchased on January $29.$ The company sold

$400$ units on January $12$ and $600$ units on January $30.$

Required:

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$).$

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.

Calculate the cost of goods sold for the month of January under $($a$)$ FIFO $($periodic calculation$),($b$)$ FIFO

calculation$),$ and $($c$)$ LIFO $($periodic calculation$).$ Please show all work!!