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. Deginning Inventory on January 1 Purchase on January Purchase on January 25 Units 350 80 110 Unit Cost $ 3.40 5.60 3.70 011111 Required: Assume the periodic Inventory system is used. Determine the costs assigned to ending Inventory when costs are assigned based on we the FIFO method Periode FIFO Cost of Goods Sold Cost of Goods Available for Sale of Cost per Cost of Goods units Available for unit Sale 5 0 of units sold Cost per unit Cost of Goods Sold Inventory Balance # of units Cost per Ending in ending unit Inventory Inventory Bog Inventory Purchases January 9 Januay 25 Total 0 0 0 0 0 3 0 0 $ 0