Part 2-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 a schedule to show the cost of goods sold and ending inventory using the FIFO cost flow assumption