Use the following information: January 1 Beginning Inventory January 10 January 20 January 25 January 30 Sale Purchase Sale Purchase 140 units @ $6.00 each (cost) 100 units @ $15.00 (sales price) 60 units @ $ 5.00 (cost) 90 units @ $18.00 (sales price) 180 units @ $ 4.50 (cost) 4 The company uses a perpetual inventory system and the first-in, first-out (FIFO) cost flow assumption. 1) Use the attached inventory worksheet to track inventory for January 2) Use the attached journal entry page to prepare necessary journal entries for January Assume that the January 10 sale was for cash and the January 25 sale was Accounts Receivable

The company uses a perpetual inventory system and the first-in, first-out (FIFO) cost flow assumption. 1) Use the attached inventory worksheet to track inventory for January 2) Use the attached journal entry page to prepare necessary journal entries for January Assume that the January 10 sale was for cash and the January 25 sale was Accounts Receivable