Shown below is activity for one of the products of ABC: January $1$ balance, $700$ units @ $$55$ per unit $$38,500$

Purchases: January $10$: $700$ units @ $$60$ per unit

January $20$: $1,100$ units @ $$62$ per unit

Sales:

January $12$: $1,000$ units

January $28$: $840$ units

Required: Compute the January $31$: ending inventory and cost of goods sold for January, assuming ABC

uses FIFO and a perpetual inventory system.