Cost Flow Assumptions and Adjusting Entry to Record COGS ACCT Company's beginning inventory and merchandise transactions for the month of January 2020 are as follows (ACCT uses a periodic inventory system): Date of Purchase Number of Units Unit Cost Beg. Inventory 6,000 $8 Jan. 10 5,000 $9 Jan. 18 6,000 $10 Date of Sale Units Sold Jan. 5 3,000 Jan. 12 2,000 Jan. 20 4,000 Requirement 1: Calculate January's ending inventory using FIFO. Show your work. (2 points) Requirement 2: Calculate cost of goods sold for January using LIFO. Show your work. (2 points) Requirement 3: Assuming that ACCT Company is using FIFO, at the end of January, prepare journal entry to record cost of goods sold. (4 points)