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.

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. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 350 80 110 Unit Cost $3.40 3.60 3.70 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 Cost of Goods Sold # of units Cost per unit $ 3.40 Cost of Goods Available for Sale $ 1,190 # of units sold Cost per unit cost of Goods Sold Inventory Balance # of units Cost per Ending in ending inventory unit Inventory 350 $ 3.40 $ 1,190 350 Beg. Inventory Purchases: January 9 January 25 Total 80 110 3.60 3.70 288 407 1,885 3.60 3.70 288 407 1,885 540 $ 0 540 $