A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 320 units. Ending inventory at January 31 totals 140 units. Units 290 Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Unit Cost $ 2.70 2.90 3.04 70 100 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 Inventory Balance Date # of units Cost per # of units sold Cost per unit unit Cost of Goods Sold Cost per # of units unit Inventory Balance 290 @ $ 2.701 - $ 783.00 January 1 January 9 70 @ $ 2.90 2901 $ 2.70 = $ 783.00 70 @ $ 2.90 - 203.00 $ 986.00 January 25 1001 $ 3.04 $ 972.00 360 @ 1001@ onu 2.70 = $ 2.90 290.00 4601 $ 3.04 = 1,398.40 $2,660.40 January 26 320 1401 $ 2.70 = $ 2.90 378.00 @ @ $ 864.00 0.00 0.00 $ 864.00 @el $ 2.70 - $ 2.90 = $ 3.04 = $ 3.04 = Totals $ 378.00