ABC Co. sells goods using a perpetual inventory system. The following information relates to the its purchases and sales of its most popular product. On April 1, ABC Co. had 20 units with a cost of $50 a) Use the FIFO cost method to calculate the cost of goods sold and ending inventory for the month b) Prepare the journal entries to record the sales transaction on April 27. All sales were on account Purchases Sales Units Cost Unit Cost Units Units 50 $52 25 $75 DATE April 3 April 6 April 12 April 19 April 23 April 27 April 30 35 21 $53 $55 83 10 $78 $77 75 $58 i 1 P