Shown below is the activity for one of the products of Random Creations: January 1 balance, 80 units @ $50 $4.000 Purchases: January 18: 40 units @ $51 January 28: 40 units @ $52 Sales: January 12:30 units January 22:30 units January 31:45 units Required: 1) Compute the January 31 ending inventory and cost of goods sold for January, assuming Random Creations uses FIFO and perpetual inventory system, show detailed calculations in order to earn full points. 2) Compute the January 31 ending inventory and cost of goods sold for January, assuming Random Creations uses LIFO and perpetual inventory system, show detailed calculations in order to earn full points. Edit Format Table 12pt Paragraph BIUA |