A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 350 units Ending inventory at January 31 totals 150 units Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 320 80 100 Unit Cost $ 3.00 3.20 3.34 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 FIFO Cost of Goods Available for Sale Cont of Goods Sold #ot Cost per Cost of Goods # of units Cost per Cost of units Available for sold unit Goods Sold Sale $ 0 Inventory Balance #of units Cost per Ending in ending unit Inventory inventory Beg Inventory Purchases January 9 January 25 Total 0 $ Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 320 Be 100 Unit Cost $ 3.00 3.20 3.34 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 FIFO Cost of Goods Sold Inventory Balance Cost of Goods Available for Sale Cost of Goods units unit Available for Sale S 0 #of Cost per # of units sold Cost per Cost of Goods Sold Cost per unit W of units in ending inventory unit Ending Inventory Beg Inventory Purchases January 9 January 25 Total 0 0 S 5 0 0 S