Question 2 ABG Company uses a perpetual inventory system. The following table shows the purchases of a particular product during the month of January Purchase Date Quantity January 3 $101 January 12 January 18 Unit Cost 20 15 15 110 112 On January 20, ABG Company sells for cash 30 units of that product at a unit selling price of $165. Instructions: a. Prepare a separate journal entry to record the cost of goods sold relating to the January 20 sale of the product, assuming that ABG Company uses: 1. First-in, first-out (FIFO). 2. Last-in, first-out (LIFO). 3. Average cost. b. Compute gross profit relating to the January 20 sale of the product, assuming that ABG Company uses FIFO