Inventory transactions for January: Cost per Date Transaction Units Unit Beginning Inventory 500 $1.00 $ 500.00 1/3 Purchases 500 $2.00 $1,000.00 1/15 Purchases 200 $3.00 $ 600.00 1/30 Sold 800 Calculate the cost of goods sold and the 1/31 inventory using FIFO and LIFO? FIFO Cost of Goods Sold: FIFO 1/31 Inventory: LIFO Cost of Goods Sold: LIFO 1/31 Inventory