! 2 Required information Use the following information for the Quick Study below. (Algo) (5-7) [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 250 units Ending Inventory at January 31 totals 130 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 230 50 100 Unit Cost $ 2.80 2.20 2.34 x QS 5-5 (Algo) Perpetual: Inventory costing with FIFO LO P1 ces Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned ba the FIFO method Perpetual FIFO Cost of Goods Sold # of Cost per Cost of Goods unit sold Sold Goods purchased Cost per # of units unit Date Inventory Balance Cost per # of units Inventory unit Balance units January 1 January 9 Total January 9 Required information Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method Goods purchased Perpetual FIFO: Cost of Goods Sold # of units Cost per Cost of Goods unit sold Sold Inventory Balance Cost per Inventory # of units unit Balance Date Cost per # of units unit January 1 January 9 Total January 9 January 25 Total January 25 January 26 Total January 26