1.) Joe's widgets, Inc. uses a perpetual inventory system. The company's beginning inventory of a particular product and

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1.)
Joe's widgets, Inc. uses a perpetual inventorysystem. The company's beginning inventory of a particularproduct and its purchases during the month of January were asfollows: GIVE ANSWERS FOR ALL NUMERICCOMPUTATIONS AS A SINGLE TOTAL DOLLAR AMOUNTWITHOUT USING $ SIGN i.e. 60, NOT $60, NOT 5@$12
Beginning Inventory (Jan.1) 16 widgets @ $10 each
Purchase Jan. 11 14 widgets @ $12 each
Sale Jan. 14 25 widgets @$20 each
Assuming the company uses the FIFO flow assumption, if theunits sell for $20 each, what is the gross profit on theJan. 14 sale?
2.)
Joe's widgets, Inc. uses a perpetual inventory system. Thecompany's beginning inventory of a particular product and itspurchases during the month of January were as follows:
Beginning Inventory (Jan.1) 16 widgets @ $10 each
Purchase Jan. 11 14 widgets @ $12 each
Sale Jan. 14 25 widgets @ $20 each
Assuming that the company uses the FIFO flow assumption, theending inventory to be recorded January31 is: GIVE ANSWERS FOR ALL NUMERICCOMPUTATIONS AS A SINGLE TOTAL DOLLAR AMOUNT WITHOUTUSING $ SIGN