A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 260 units. Ending inventory at January 31 totals 120 units.

	Units	Unit Cost
Beginning inventory on Jan 1	230	$2.10
Purchase on Jan 9	50	$2.30
Purchase on Jan 25	100	$2.44

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

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

Perpetual LIFO: Goods purchased Inventory Balance # of units Date Cost per unit Cost of Goods Sold Cost per cost of Goods 00s unit Sold # of units sold # of units Cost per unit Inventory Balance January 1 January 9 $ 0 January 25 January 26 Totals Perpetual FIFO: Goods purchased # of Date Cost per units unit Cost of Goods Sold # of units Cost per Cost of Goods unit sold Sold Inventory Balance # of units Cost per Inventory unit Balance January 1 January 9 $ 0.00 January 25 January 26 Totals