Cost Flow Assumptions and Adjusting Entry to Record COGS

1. ACCT Companys 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.

   Requirement 2: Calculate cost of goods sold for January using LIFO. Show your work.

   Requirement 3: Assuming that ACCT Company is using FIFO, at the end of January, prepare journal entry to record cost of goods sold.