A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 300 units. Ending inventory at January 31 totals 130 units. Beginning inventory on January 1 Units 270 Unit Cost $2.50 Purchase on January 9 Purchase on January 25 60 100 2.70 2.84 Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. Perpetual FIFO: Goods purchased Cost of Goods Sold Inventory Balance #of Cost per Date units unit #of units soldi Cost per Cost of Goods unit Sold of units Cost per unit Inventory Balance January 1 270 $ 2.50- $ 675.00 January 9 60 $ 2.70 January 25 100@ts 2.84 270 $ 2.50- $ 675.00 60 $ 2.70- 162.00 $ 837.00 330 $ 2.50 = $ 825.00 Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. Perpetual FIFO: Goods purchased Cost of Goods Sold # of Date # of units Cost per unit units Cost per Cost of Goods unit Sold # of units Inventory Balance Cost per Inventory unit sold Balance January 1 January 9 60 @ $ 2.70 January 25 100 $ 2.84 January 261 270 $ 2.50 $ 675.00 60 $ 2.70 = 100 $2.84 = Totals 162.00 284.00 $1,121.00 270 $ 2.50= $ 675.00 270 $ 2.50- $ 675.00 60 $ 2.70- 162.00 $ 837.00 330 $2.50 = $ 825.00 @$ 2.70 = $ 2.84 $ 2.50 = $ 2.70 AD $ 2.84 $ 825.00