! 1 cBook Required information [The following information applies to the questions displayed below.] A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 260 units. Ending inventory at January 31 totals 120 units. Units Unit Cost Beginning inventory on January 1 230 $ 2.10 Purchase on January 9 50 Purchase on January 25 100 2.30 2.44 Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. Perpetual LIFO: Goods purchased Cost of Goods Sold Date # of units Cost per # of units unit sold Cost per Cost of Goods unit Sold # of units Inventory Balance Cost per unit Inventory Balance January 1 January 9 Total January 9 230 at S 2.10= $ 483 50 at S 2.30 280 at S at S 2.10= $ 588 2.30 = $ 588 100 at $ 2.44 230 at S January 25 100 at 50 at S S 2.10= $ 2.30= 483 115 2.44 = 244 Total January 25 $ 842 230 at $ 2.44 = $ 561 at 2.10 January 26 at $ 2.30 = 69 at S 2.30= at $ 2.10 = 0 at S 2.44= Total January 26 $ 630