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.

	Units	Unit Cost
Beginning inventory on January 1	320	$	3.00
Purchase on January 9	80		3.20
Purchase on January 25	100		3.34

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

* Answer is complete but not entirely correct. Perpetual FIFO: Goods purchased Cost # of units Cost of Goods Sold Cost Cost of per Goods Sold unit # of units Inventory Balance Cost Inventory # of units per Balance Date per unit sold unit January 320 @ $ 3.00 = $ 960.00 January 80 @ $ 3.20 320 80 @ @ $ 3.00 $ 3.20 = = $ 960.00 256.00 1,216.00 nuary 100 @ $ 3.34 $ 960.00 25 320 80 100 @ @ @ $ 3.00 $ 3.20 $ 3.34 = = 256.00 334.00 1,550.00 January 90 @ $ 3.00 = $ 270.00 26 $ 3.20 = 320.00 170 X 80 100 @ @ @ $ 3.00 $ 3.20 $ 3.34 = 256.00 334.00 100 X @ $ 3.34 334.00 Totals $ 924.00 1,100.00