Problem 3: Inventory valuation Your firm had|data of selling and purchasing of inventory during January 2021 as in the table below: Date Description Number of Selling Cost/Unit Total Cost Units Price/Unit Of Transaction 100 $ $5 $500 Beginning Inventories Jan 5 Sold 50 $20 Jan 6 Purchased 60 $6 $360 Jan 10 Sold 40 $25 Jan 12 Purchased 50 $5 $250 Jan 15 Purchased 100 $6 $600 Jan 20 Sold 150 $22 Jan 25 Purchased 200 $7 $1400 Jan 28 Sold 150 $25 The selling and administration expenses were $1,000 in the January. Income tax rate is 20%. Beginning cash balance on January 1, 2021 was $5,000. Also, assume that income tax and selling and administration expenses incurred in January 2021 that were paid with cash in this period. Required a. Determine the cost of goods sold for January and ending inventory at January 31, 2012 using the FIFO method and both perpetual and periodic inventory systems b. Prepare the multiple-step income statement for January 2021 Prepare the cash flows statement for January 2021