Problem 2 Inventory (12 marks)

Inventory data for Stranger Things Company for January 2023 are as follows:

January 1 balance 80 units at $25 January 10 purchase 100 units at $28 January 15 sale 120 units January 21 purchase 90 units at $32 January 28 sale 110 units

Required

1.Using FIFO, compute ending inventory as of January 31, 2023, and determine cost of goods sold for January.