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QS 6-8A Periodic: Inventory costing with LIFO LO P3 A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 380 units. Ending inventory at January 31 totals 150 units. Units Unit Cost Beginning inventory on January 1 340 $ 3.30 Purchase on January 9 3.50 Purchase on January 25 3.60 Required: Assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. Periodic LIFO Cost of Goods Available for Sale Cost of Goods Sold Inventory Balance # of Cost per Cost of Goods # of units Available for # of units Cost per Cost of in ending Cost per Ending units unit Sale sold unit Goods Sold inventory unit Inventory Beg. Inventory Purchases: January 9 January 25 Total O