A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 460 units. Ending inventory at January 31 totals 340 units.

4 Part 1 of 2 Required information A company reports the following beginning Inventory and two purchases for the month of January. On January 26, the company sells 460 units. Ending inventory at January 31 totals 340 units. 10 points Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 360 240 200 Unit Cost $ 5.00 4.00 2. 50 eBook Required: Assume the perpetual inventory system is used and then determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. Hint Print Perpetual FIFO: Goods purchased Cost of Goods Sold Inventory Balance # of units Date # of units Cost per unit Cost per unit Cost of Goods Sold References sold January 1 Cost per Inventory # of units unit Balance 360 @ $ 5.00 = $1,800.00 360 @ $ 5.00 = $1,800.00 2401 @ $ 4.00 = 960.00 $2,760.00 January 9 240 @ $ 4.00 January 25 2001@$ $ 2.50 $1,800.00 3601 a $ 5.00 = 240 @ $ 4.00 = 960.00 2001@ $ 2.50 = 500.00 $3,260.00 January 26 $ 0.00 a $ 5.00 = $ 4.00 = $ 2.50 = 0.00 0.00 @ Totals Required information A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 460 units. Ending inventory at January 31 totals 340 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 360 240 200 Unit Cost $ 5.00 4.00 2. 50 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 Cost of Goods Sold Inventory Balance Cost per Date # of units Cost per unit # of units sold Cost per unit Cost of Goods Sold # of units Inventory Balance unit January 1 January 9 January 25 January 26 Totals