Compute the Janaury 31 ending inventory and cost of goods sold for January, assuming that the company uses FIFO.

January 1 balance, 670 units @ $60 per unit $40,200 Purchases: January 10: 670 units @ $54 per unit January 20: 1,060 units @ $60 per unit Sales: January 12: 900 units January 28: 800 units