QUESTION (5 marks) Ace Systems, Inc. uses a perpetual inventory system. The company's beginning inventory of a particular product and its purchases during the month of January were as follows: Quantity Unit Cost Total Cost Beginning inventory (Jan. 1) 10 $27.50 $275 Purchase (Jan. 15). 15 $28.00 $420 Purchase (Jan. 23) 5 $29.00 $145 Total 30 $840 On January 28, Ace Systems sells 18 units of this product. The other 12 units remain in inventory at January 31. 1. Refer to above data. Assuming that Ace Systems uses the average cost flow assumption of valuation, determine the cost of goods sold at January 28 is: $504. $336. b $499. Some other amount. a a 2. a Refer to above data. Assuming that Ace Systems uses the LIFO flow assumption, the cost of goods sold on January 28 is: $331. b $509. $499. d Some other amount. 3 a Refer to above data. Assuming that Ace Systems uses the FIFO flow assumption, the cost of goods sold on January 28 is: $509. b $341. $499. d Some other amount. 4. a Refer to above data. Assuming that Ace Systems uses the LIFO flow assumption, the 12 units of this product in inventory at January 31 have a total cost of: $499. b $331. $509. d Some other amount. 5. a Refer to above data. Assuming that Ace Systems uses the FIFO flow assumption, the 12 units of this product in inventory at January 31 have a total cost of: $341 b $509. $499. d Some other amount