The beginning inventory, purchases, and sales of item PEAR4 for a recent year are as follows: Jan. 1 Mar. 20 Oct. 30 Inventory Purchase Purchase Available for sale 6 units at $50 14 units at $55 20 units at $62 40 units $ 300 770 (1) the December 31 Inventory balance and (2) the cost of goods sold for the year, using the: a. first-in, first-out (FIFO) method. b. last-in, first-out (LIFO) method. c. Weighted average cost method. 1,240 $2,310 There are 16 units of the item in the physical inventory at December 31, the end of the fiscal year. The company uses the periodic inventory system. Determine The beginning inventory, purchases, and sales of item QX3 for the month of January are as follows: Jan. 1 9 18 22 Inventory Sale Purchase Sale The company uses the perpetual inventory system. Determine (1) the cost of goods sold for January and (2) the January 31 inventory balance using the: a. first-in, first-out (FIFO) method. last-in, first-out (LIFO) method. b. 40 units at $5 30 units 70 units at $7 36 units Group Exercise Perpetual Inventory: Weighted Average Method The beginning inventory, purchases, and sales of Item QX3 for the month of January are as follows: Jan. 1 Inventory 40 units at $5 9 30 units 18 70 units at $7 22 Sale 36 units Sale Purchase The company uses the perpetual inventory system. Determine (1) the cost of goods sold for January and (2) the January 31 inventory balance