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. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 320 80 100 Unit Cost $ 3.80 3.29 3.34 QS 5-5 (Static) Perpetual: Inventory costing with FIFO LO P1 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: Cost of Goods Sold Goods purchased Inventory Balance Date # of units Cost per unit # of units sold Cost per Cost of Goods unit Sold # of units Cost per unit Inventory Balance January 1 $ 3.00] = January Total January 9 s 0.00 January 25 Total January 25 January 28 Total January 26