A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 250 units. Ending inventory at January 31 totals 130 units.

	Units	Unit Cost
Beginning inventory on January 1	230	$	2.00
Purchase on January 9	50		2.20
Purchase on January 25	100		2.34

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

IFOCost of Goods Available for SaleCost of Goods SoldInventory Balance# of unitsCost per unitCost of Goods Available for Sale# of units soldCost per unitCost of Goods Sold# of units in ending inventoryCost per unitEnding InventoryBeg. InventoryPurchases:January 9January 25Total