Inventory Valuation: FIFO Method

During January, a company that uses a perpetual inventory system had beginning inventory, purchases, and sales as follows:

Units

Cost per unit

Begin Inventory

100

$12

Jan 5

Sale

50

10

Purchase

70

$16

15

Sale

25

25

Sale

35

Prepare schedule to show the cost of goods sold and ending inventory using the FIFO cost flow assumption.