PROBLEM 1 (38 points) The following data for the month of January are for Bloom Company, which sells just one product. Assume the company uses the periodic inventory system. Purchases Sales Units Unit Cost Units SellingPrice/Unit 1/1 Beginning inventory 200 $10 1/4 Purchase 500 $14 1/11 Sales 400 $20 1/18 Purchase 400 400 $16 1/21 Sales 380 $24 1/23 Purchase 100 $18 REQUIRED: (a) Using the FIFO cost flow assumption, calculate the amount assigned to the inventory on hand on January 31. (Show computations) (6) (c) Using the weighted-average cost flow assumption, calculate the amount charged to cost of goods sold for January. (Show computations) Using the LIFO cost flow assumption, calculate the amount charged to cost of goods sold for January. (Show computations) Briefly describe at least one supporting argument for management electing to choose the LIFO cost flow assumption over the FIFO cost flow assumption. a)