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2 Part 1 of 3 8.33 points Required information Use the following Information for the Quick Study below. (Algo) (5-7) 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 260 units Ending inventory at January 31 totals 120 units. Units Unit Cost Beginning inventory on 230 January 1 $ 2.10 Purchase on January 9 50 Purchase on January 25 100 2.44 eBook 2.30 Hint GS 5.5 (Algo) Perpetual: Inventory costing with FIFO LO P1 Print Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. Reference Date Perpetual FIFO Goods purchased Cost of Goods Sold of Cost #of Cost Cost of per units per Goods unit sold unit Sold units January 1 Inventory Balance Cost of units Inventory per Balance unit 230 a $2.10 $ 483.00 $ 230 at $2.10 483.00 at $2.30 $ 483.00 50 at $2.30 January 9 Total January 100 a $2.441 January 25 230 at $2.10 = 483.00 50 at $2.30 115.00 100 at $2.44 -244.00 $ 842.00 Total January 25 January 26 $2.10 $ 0.00 at $2.30 = 0.00 QS 5-5 (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. Date # of units Cost #of Cost per units per unit sold unit Cost of Cost Goods # of units per Sold unit 230 at $2.10 Inventory Balance January 1 483.00 $ 483.00 50 at $2.30 January 9 230 at $2.10 - at $2.30 = Total January 9 100 at $2,44 $ 483.00 $ 483.00 115.00 244.00 230 at $2.10 = 50 at $2.30 100 at $2.44 January 25 Total January 25 842.00 January 26 at $2.10 at $2.30 O at $2.44 = $ 0.00 0.00 0.00 Total January 26