18 QS 6-7A Periodic: Inventory costing with FIFO LO P3 A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 320 units Ending inventory at January 31 totals 140 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units Unit Cost 2 90 $2.70 70 2.90 100 Required: Assume the periodic Inventory system is used. Determine the the FIFO method to ending inventory when costs are assigned based on Periodic FIFO Inventory Balance Cost of Goods Available for Sale of Cost per Cost of Goods units unit Available for Sale 2005 5 2.70 S 783 Cost of Goods Sold of units Cost per Cost of sold u nit Goods Sold of us Cost per in ending unit all Inventory Ending Inventory Beg Inwentory Purchases January 9 January 25 203 70 1001 460 2.00 3.04