A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 400 units. Ending inventory at January 31 totals 150 units.

	Units	Unit Cost
Beginning inventory on January 1	360	$	3.50
Purchase on January 9	80		3.70
Purchase on January 25	110		3.80

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

riodic FIFOCost 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. Inventory360$3.50$1,260360$3.50$1,2600Purchases:January 9803.70296January 251103.8041801103.80418Total550$1,974360$1,260110$418