Periodic Inventory-FIFO

Carla Company uses the perpetual inventory system. The following information is available for January of the current year when Carla sold 1,600 units of inventory on January 14.

	Units		Cost/Unit		Total Cost
Inventory, Jan. 1	1,500		$0.25		$375
Purchases, Jan. 13	1,100		0.27		297
	2,600				$672

Using the FIFO method, calculate Carla's cost of goods sold for January and its January 31 inventory.

Cost of goods sold	=	$
Ending inventory	=	$