B of 3 Required information Use the following information for the Quick Study below. (Algo) (8-10) [The following information applies to the questions displayed below.] A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 290 units. Ending inventory at January 31 totals 130 units. Units Beginning inventory on January 1 260 ook Purchase on January 9 60 Purchase on January 25 100 Unit Cost $ 2.40 2.60 2.74 nt int D ences QS 5-8A (Algo) Perpetual: Inventory costing with FIFO LO P1 Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. Pate Goods purchased Number of Cost per units unit Perpetual FIFO: Cost of Goods Sold Number of units sold Cost per Cost of Goods unit Gold Number of units Inventory Balance Cost per unit Inventory Balance January 1 260 at $2.40 $ 624.00 60 at 5 2.60 January 91 260 at 60 at $2.40- $ 624.00 $ 2.00- 156.00 Total January 9 $ 780.00 100 at $ 2.74 January 25 Total January 25 January 26 Total January 26 260 at 60 at $ 2.40 $2.60- 100 at $ 2.74 $ 624.00 156.00 274.00 $1,054.00 260 at $2.40- $ 624.00 at $2.40- at $ 2,60- 0.00 at $2.60- at $2.74 0.00 100 at $2.74 274.00 $ 624.00 $ 274.00