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ACC 309-Intermediate Accounting I TEST I1I-FALL 2017 Student I. Shown below are the activities for one of the products of Sanders Company: January 1 balance, 100 units@ S50 $5000 Section: Purchases: January 18: 40 units @ $51 January 28: 40 units $52 Sales: January 12: 30 units January 22: 30 units January 31: 50 units Required 1. Compute the January 31 ending inventory and cost of goods sold for January, assuming Sanders Company uses FIFO and a periodic inventory system