q1.

A company reports the following beginning inventory and purchases for the month of January. On January 26, the company sells 730 units. Determine the value of the ending inventory and COGS for January assuming the company uses perpetual inventory system and FIFO. (Round per unit costs to three decimals, but inventory balances to the dollar.) Unit Units Cost Beginning inventory on January 1 640 $3.00 Purchase on January 9 180 $3.20 Purchase on January 25 220 $3.30 Refer to the information in Question 1. Determine the value of the ending inventory and COGS for January assuming the company uses perpetual inventory system and weighted average cost. (Round per unit costs to three decimals, but inventory balances to the dollar.) Journalise the entries for the following transactions. The company uses the perpetual inventory system. Feb 3 Purchased merchandise for cash $2,000. 5 Sold merchandise costing $400 for cash $800. 10 Purchased more merchandise on account for $600. 25 Paid $600 to creditors. 28 A physical count of inventory showed $2,200 of stock on hand