Demonstration Problem ONE Presented below is information for the month of January 2019 January 1 January 4 Inventory Sale 100 units @$6 each January 6 Purchase 80 units @ $15 each 150 units @ $6.5 each January 10 January 15 Sale Purchase 120 units @ $15.5 each 165 units @ $7 each January 20 Sale 100 units @ $15.5 each a- Determine the Cost of Goods Sold, the value of Ending Inventory, and the Gross Profit for the month of January using the First-in, First-out method (FIFO). SHOW YOUR CALCULATION a- FIFO 1 Purchases Date Number Cost/ of Units Unit Cost of Goods Sold Number Cost/ Inventory Ending Balance Number Total Total of Units Unit of Units Cost/ Unit Total Jan. 1 4 6 10 15 Jan. 1 4 6 10 15 20 COGS (from table) Inventory Ending Balance (from table) Gross Profit (Application of formula) b- Prepare the necessary entries on January 15 and January 20 assuming that all purchases and sales were on account. General Journal Date January 15 Accounts Titles and Explanation Ref Debit Credit. Purchase January 20 Sale 2 42 2/9