Carla Company uses the perpetual inventory system. The following information is available for January of the current year when Carla sold 1,600 units of inventory on January 14. Total Cost Units Cost/Unit Inventory, Jan. 1 1,500$0.25$375 1,100 0.27297 2,600 Purchases, Jan. 13 $672 Using the LIFO method, calculate Carla Company's cost of goods sold for January and its January 31 inventory. Cost of goods sold- Ending inventory 3001 x The last-in, first-out (LIFO) cost flow assumption allocates the cost of goods available for sale between ending inventory and cost of goods sold based on the assumption that the mast recent purchases (the last in) are the first ones sold (the first out). Therefore, the uro cost flow assumption results in the most recent eats no ned beng i located to ent or o as earliest (and oldest) costs are allocated to ending inventory