Mail-Brush, Anna K - Outlook Assignments: ACCT:2100:0AAA Fall20 Introduction to.. M Connect Connect Lito and Fito 2 2 points Assume that a retailer's beginning inventory and purchases of a popular item during January included (1) 360 units at $7.60 in beginning inventory on January 1, (2) 510 units at $8.60 purchased on January 8, and (3) 810 units at $9.60 purchased on January 29. The company sold 410 units on January 12 and 610 units on January 30. Required: 1. Calculate the cost of goods sold for the month of January under (a) FIFO (periodic calculation), (b) FIFO (perpetual calculation), (c) LIFO (periodic calculation), and (c) LIFO (perpetual calculation). 2. Which cost flow assumption and calculation approach would you recommend to management in order to save taxes? eBook Complete this question by entering your answers in the tabs below. Print Required 1 Required 2 References Calculate the cost of goods sold for the month of January under (a) FIFO (periodic calculation), (b) FIFO (perpetual calculation), (c) LIFO (periodic calculation), and (d) LIFO (perpetual calculation). Cost of Goods Sold a. FIFO (periodic calculation) 8,562 b. FIFO (perpetual calculation) $ 8,562 C. LIFO (periodic calculation) $ 9,582 d. LIFO (perpetual calculation) $ Required Required 2 >