Apple Inc. is a multinational technology company known for its innovative products. The company uses the FIFO (First-In-First-Out) method for inventory valuation. During the month of January, Apple made the following inventory transactions:

• January 1: Beginning inventory consisted of 500 units of iPhones at a cost of $800 each.
• January 10: Purchased 1,000 units of iPads at a cost of $1,200 each.
• January 20: Sold 800 units of iPhones.

Requirements:

• Prepare a detailed inventory ledger for Apple Inc. for the month of January, using the FIFO method.
• Calculate the cost of goods sold and ending inventory valuation for Apple Inc.
• Discuss the implications of using the FIFO method on inventory valuation and financial statements for Apple Inc.