Question 1 A company that uses the perpetual inventory method had the following transactions during the month of January. Cost per Unit 10.00 18.00 Beginning inventory Jan. 5 Jan. 10 Jan. 15 Jan. 20 # of Units 200 600 (300) 500 (700) 22.00 Based on the information above, determine the cost of goods sold (COGS) for January using both FIFO and average cost methods. Flin Flon Limited sells 3 products whose prices are sensitive to price fluctuations. The following information is available for these products at March 31, 2018. Product A B Units 25 30 60 Unit Cost $7 $6 $11 Net Realizable Value $7 $8 $10 a) Calculate FlinFlon's inventory at the lower of cost and net realizable value (LCNRV.) b) Prepare any journal entry required to record the LCNRV, assuming that FlinFlon uses a perpetual inventory system