Periodic System- Calculating Ending Inventory and Cost of Sales using FIFO The following information is available for Water Inc. Date January 1 (beginning inventory) 240 Purchases: January 10 January 15 January 30 Units Unit Cost $50.00 180 52.00 360 240 52.50 55.00 The company maintains a periodic inventory system. A physical count shows 300 units in stock on January 31. What is (a) ending inventory on January 31, and (b) cost of goods sold for January, using the FIFO inventory method? Note: Round your final answers below to the nearest whole dollar. Note: Use your rounded ending inventory answer to compute part b. cost of goods sold. a. Ending inventory on January 31 $ b. Cost of goods sold for January $