Assuming an ending inventory of 110 units, prepare the necessary journal entries for the end of January and the inventory reconciliation for the end of January using the Periodic Inventory Method. Make sure you give the dollar amount of Ending Inventory and Cost of Goods Sold. The Company uses a FIFO method for inventory valuation.

The following are several transactions from a company's inventory and sales records Units Price 01-Jan Beg. Inventory 100 $ 5.00 04-Jan Sale 80 $ 8.00 11-Jan Purchases 150 $ 6.00 13-Jan Sale 120 $ 8.75 20-Jan Purchases 160 $ 7.00 27-Jan Sales 100 $ 9.00