Question: Jan. 1 Beginning Inventory 1,500 units @ $ 10 Jan. 18 Purchase 1,250 units @ $ 12 Jan 20 Sold 1,500 units @ $ 20

Jan. 1 Beginning Inventory 1,500 units @ $ 10 Jan. 18 Purchase 1,250 units @ $ 12 Jan 20 Sold 1,500 units @ $ 20 Jan. 25 Purchase 1,750 units @ $ 14 Jan. 27 Sold 1,750 units @ $ 25 Jan. 29 Purchase 500 units @ $ 15

Assuming that company uses perpetual inventory system, determine the cost of goods sold and compute the ending inventory as of Jan. 31 (20 pts.) and make the journal entry for Jan. 27 transaction (20 pts.) by using inventory subsidiary ledger for LIFO cost flow assumption.

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