5 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 390 units. Ending Inventory at January 31 totals 150 units. 5 oints Beginning inventory on January 1 Purchase on January Purchase on January 25 350 00 110 Unit Cost 13.00 3.60 3.0 00:37:57 Print Beerences Required: Assume the periodic Inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method Periodic Firo Cost of Goods Available for sale Costet Goods told of Cost per Cost of Goods Available for Sale 34015 1100 of units sold Cost per Cost of Goods Sold Inventory Balance of units in ending Cost per Ending inventory 350 s 350 $ 300 5 1.150 Beg Inventory Purchases January January 25 Total 80 110 540 180 TO 260 001 1 505 5 350 5 1,190 0