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Please answer the two question on the picture. During January, a company that uses a perpetual inventory system had beginning inventory, purchases, and sales as

Please answer the two question on the picture. image text in transcribed
During January, a company that uses a perpetual inventory system had beginning inventory, purchases, and sales as follows: Unit Units Cost Beginning inventory 100 $10 Jan. 5 purchased 40 12 Jan. 10 sold 60 _ Jan. 15 purchased 70 13 Jan. 25 sold 50 ** The selling price per unit is $20. Using the perpetual inventory system, calculate the total cost of goods sold for January and cost of the company's January 31st inventory for the following methods. Show all your work using the format used in the book! FIFO LIFO Weighted average Prepare journal entries for the events listed in the question using the amounts calculated using in (a) FIFO method. A company made the following purchases during the year: Jan. 10 15 units at $360 each Mar. 15 25 units at $390 each Apr. 25 10 units at $420 each July 30 20 units at $450 each Oct. 10 15 units at $480 each On December 31, there were 28 units in ending inventory. These 28 units consisted of 1 from the January 10 purchase, 2 from the March 15 purchase, 5 from the April 25 purchase, 15 from the July 30 purchase, and 5 from the October 10 purchase. Using perpetual inventory system, calculate the cost goods sold and ending inventory for the year using the specific identification method. Show all your work using the format provided in the text

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