Check my work 6 E7-22 (Algo) (Supplement B) FIFO and LIFO Cost of Goods Sold under Periodic versus Perpetual Inventory Systems 10 points Assume that a retailer's beginning inventory and purchases of a popular item during January included (1) 400 units at $8.00 in beginning inventory on January 1, (2) 550 units at $9.00 purchased on January 8, and (3) 850 units at $10.00 purchased on January 29. The company sold 450 units on January 12 and 650 units on January 30. eBook Required: 1. Calculate the cost of goods sold for the month of January under (a) FIFO (periodic calculation), (6) FIFO (perpetual calculation), (C) LIFO (periodic calculation), and (d) LIFO (perpetual calculation). 2. Which cost flow assumption and calculation approach would you recommend to management in order to save taxes? Print References 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 (pe calculation), (c) LIFO (periodic calculation), and (d) LIFO (perpetual calculation). Cost of Goods Sold a. FIFO (periodic calculation) b. FIFO (perpetual calculation) c. LIFO (periodic calculation) d. LIFO (perpetual calculation) Mc