Calculate fost of goods sold and ending inventory and analyze effect of each method on financial statements. Jefferson company had the following sales and purchases during 2011, its first year of business:

January 5 Purchased 40 units at $100 each

February 15 Sold 15 units at $150 each

April 10 Sold 10 units at $150 each

June 30 Purchased 30 units at $105 each

August 15 Sold 25 units at $150 each

November 28 Purchased 30 untis at $110 each