The beginning inventory, purchases, and sales of item QX3 for the month of January are as follows: Jan. 1 9 Inventory Sale 40 units at $5 30 units 18 Purchase 22 Sale 70 units at $7 36 units 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. b. last-in, first-out (LIFO) method. CENGAGE 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 Sale 30 units 18 Purchase 70 units at $7 22 Sale 36 units The company uses the perpetual inventory system. Determine (1) the cost of goods sold for January and (2) the January 31 inventory balance