Part 4 Canfield uses a perpetual inventory system. The company's beginning inventory of a particular product and its purchases during the month of January were as follows (12): Beginning inventory (Jan. 1). Purchase (Jan. 10)... Purchase (Jan. 22). Total........... Quantity 50 25 25 100 Unit $6 $7 $8 Total $300 $175 $200 $675 On January 25, Canfield sells 55 units of this product. The other 45 units remain in inventory at January 31. a Determine the cost of goods sold using each of the following flow assumptions: (1) LIFO $ b (2) FIFO $ Determine the cost of the 45 units in inventory at January 31 using each of the following flow assumptions: (1) LIFO $ (2) FIFO $