Transactions of ABC Corporation for the month of January are as follows:

Units Unit cost

Beginning, Jan. 1 10,000 20

Purchases, Jan. 10 10,000 22

Sold, Jan. 15 15,000

Purchases, Jan. 18 5,000 23

Sold, Jan. 25 8,000

The company uses the perpetual inventory system. Determine the cost of inventory on January 31 and cost of goods sold under:

	Inventory Cost Flow	Ending Inventory	Cost of Goods Sold
First in, first out (FIFO)
Moving average
Last in, first out (LIFO)