A company reports the following beginning inventory and purchases for the month of January. On January 26, the company sells 350 units. 150 units remain in ending inventory at January 31.

	Units	Unit Cost
Beginning inventory on January 1	320	$	3.00
Purchase on January 9	80		3.20
Purchase on January 25	100		3.34

Required:

Assume the perpetual inventory system is used and then determine the costs assigned to endinginventory when costs are assigned based on the FIFO method.

Calculate the COst of Goods Sold - January 26

Calculate Inventory Balance