A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 340 units. Ending inventory at January 31 totals 140 units.

UnitsUnit CostBeginning inventory on January 1310$2.90Purchase on January 9703.10Purchase on January 251003.24

Required:

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