accounting I

QS 6-7A Periodic: Inventory costing with FIFO LO P3 A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 410 units. Ending inventory at January 31 totals 150 units. Units Unit Cost Beginning inventory on January 1 370 $ 3.60 Purchase on January 9 80 3.80 Purchase on January 25 110 3.90 Required: Assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. Periodic FIFO Cost of Goods Available for Sale Cost of Goods Sold Inventory Balance # of Cost per Cost of Goods # of units units unit Available for # of units Cost per Cost of Cost per Ending Sale sold unit Goods Sold in ending inventory unit Inventory Beg Inventory Purchases January 9 O January 25 O Total O