Question: Beginning inventory, purchases, and sales data for the first part of January are as follows: January 1 Inventory 500 units @ $4.00 January 3 Purchase

Beginning inventory, purchases, and sales data for the first part of January are as follows:

January 1 Inventory 500 units @ $4.00

January 3 Purchase 1,200 units @ $3.80

January 4 Purchase 800 units @ $4.10

January 5 Sale 2,200 units

January 8 Purchase 700 units @ $4.15

January 10 Purchase 1,000 units @ $4.05

January 12 Sale 1,400 units

Assume that the business maintains a perpetual inventory system using the FIFO cost flow assumption.

a. What is the total cost assigned to the 2,200 units sold on January 5? Show your work.

b. What is the total cost of the units remaining in inventory after the January 5 sale? Show your work.

c. What is the total cost assigned to the 1,400 units sold on January 12? Show your work.

d. What is the total cost of the units remaining in inventory after the January 12 sale? Show your work clearly.

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