QS 5-4 Perpetual: Inventory costing with FIFO LO P1 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. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units Unit Cost 260 $ 2.40 60 2.60 100 2.74 Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. Answer is complete but not entirely correct. Perpetual FIFO: Goods purchased # of Cost Date per units unit January 1 Cost of Goods Sold Cost # of units Cost of per sold Goods Sold unit Inventory Balance Cost # of units per unit 260 $ 2.40 Inventory Balance $ 624.00 January 9 60 @ $ 2.60 $ 260 @ $ 2.40 $ $ 624.00 60 @ $ 2.60 156.00 $ 780.00 January 25 100 @ $ 2.74 $ 320 @ $ 2.40 = $ 768.00 260 x @ 676.00 $ 2.60 $ 2.74 60 X @ 164.40 $ 1,608,40 January 26 130 $ 2.40 = $312.00 100 X @ $ 2.40 240.00 156.00 420 x @ 60 X @ 100 X @ $ 2.60 $ 2.74 $ 2.60 $ 2.74 274.00 130 X @ = . 1,092.00 356.20 $ 1,688.20 Totals $742.00