Inventory - Practice A. The following information is found in Ola Firm during Jan 2019. purchases and sales of inventory are always on account Using Perpetual System: Calculate the Cost Goods sold, Cost of inventory, and Gross profit: Using: 1. FIFO 2. LIFO Item Units Cost Warehouse Warehouse Warehouse Selling AED January 10 January 13 January Price After Sales 31th (SP) Beginning 100 5 Inventory Jan Jan 5 Purchases Jan 10 50 Purchases Jan 13 Sales 160 Jan 20 80 Purchases Jan 31" sales 11 100 6 7 8 Dec January Merchandise Inventory 5th Ace Pay Price Units Cost Warehouse Warehouse Warehouse Selling AED January 10 January 13 January After Sales 31th (S.P) 100 5 100 . Beginning Inventory Jan 1 Jans Purchases Jan 10 Purchases Jan 13 Sales 50 7 160 SO Jan 20 8 Purchases Jan 31" sales 60 11 Dr C January Merchandise Inventory 5th Ace Pay B. Using Periodic System: Calculate the Cost Goods sold, Cost of inventory, and Gross profit: Using: 1. FIFO 2. LIFO 3. WA Item Units Cost Warehouse Warehouse Warehouse Selling . AED January 10 January 13 January Price After Sales 31th (S.P Beginning 100 $ Inventory Jan 1 Jan . Purchases 50 Purchases Jan 13 Sales 160 Jan 20 20 Purchases Jan 31" sales 60 11 Der January Merchandise Inventory 5th Ace Pay Item Units Cost Warehouse Warehouse Warehouse Selling AED January 10 January 13 January Price After Sales 31th (S.P 100 5 100 6 50 Beginning Inventory Man Jan 5 Purchases Jan 10 Purchases Jan 13 Sales Jan 20 Purchases Jan 31" sales 80 60 Dr January Merchandise Inventory Sth Ace Pay Item Units Cost Warehouse Warehouse Warehouse Selling # AED January 10 January 13 January Price After Sales 31th (S.P) 100 5 100 6 50 7 Beginning Inventory Jan 1 Jan 5 Purchases Jan 10 Purchases Jan 13 Sales Jan 20 Purchases Jan 31" sales 160 80 8 60 11 Dr Cr January Merchandise Inventory Sth Acc Pay