A company reports the following beginning Inventory and two purchases for the month of January. On January 26, the company sells 280 units. Ending inventory at January 31 totals 130 units. Beginning inventory on January 1 Units 250 Purchase on January 9 Purchase on January 25 60 100 Unit Cost $2.30 2.50 2.64 Required: 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 Date #of units Cost per unit # of units sold Cost per Cost of Goods unit Sold # of units Inventory Balance Cost per unit Inventory Balance January 1 January 9 January 25 January 26 Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when cos the FIFO method. Perpetual FIFO: Goods purchased Cost of Goods Sold Inventory Balance # of Date # of units Cost per unit units unit Cost per Cost of Goods Sold Cost per # of units unit Inventory Balance sold January 1 January 9 January 25 January 26 Totals Prev 4 of 17 Next