MNO Retail uses the FIFO method for inventory valuation. The following information is available for January 2023:

Date	Transaction	Units	Unit Cost ($)
January 1	Beginning Inventory	500	20
January 10	Purchase	300	22
January 20	Purchase	400	24
January 31	Ending Inventory	200

Requirements:

1. Calculate the cost of goods sold (COGS) for January.
2. Determine the value of the ending inventory.
3. Compute the gross profit for January if the sales revenue is $25,000.
4. Analyze the impact of using LIFO instead of FIFO on the financial statements.
5. Discuss the advantages of using FIFO for inventory valuation.