Periodic System Calculating Ending Inventory and Cost of Sales using FIFO

The following information is available for Water Inc.

Date	Units	Unit Cost
January 1, 2020 (beginning inventory)	200	$50.00
Purchases: January 10, 2020	150	52.00
January 15, 2020	300	52.50
January 30, 2020	200	55.00

The company maintains a periodic inventory system. A physical count shows 250 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, 2020	Answer
b. Cost of goods sold for January	Answer