Using the following information, lets determine the cost of goods sold and ending inventory for one of the products you sold during the month of January using 1) FIFO and 2) LIFO: January 1 beginning inventory 20 units at a cost of $6 per unit January 2 sold 15 units at $15 January 5 sold 3 units at $15 January 10 purchased 40 units at a cost of $7 per unit January 15 sold 30 units at $15 January 17 sold 5 units at $15 January 20 purchased 30 units at a cost of $9 per unit January 25 sold 22 units at $15 Prepare the journal entries for the purchase and sales transactions above. In addition, indicate where the accounts in the journal entries appear on the financial statements.