QS 5-5 Perpetual: Inventory costing with LIFO LO P1 A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 430 units. Ending inventory at January 31 totals 170 units. Units Unit Cost 390 $ 3.80 Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 90 120 4.00 4.10 Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on LIFO. X Answer is not complete. Perpetual LIFO: Goods purchased Cost # of Date units per unit January 1 Cost of Goods Sold # of Cost Cost of units per Goods sold unit Sold Inventory Balance Cost # of units Inventory per Balance unit $ 390@ $ 3.80= 1,482 $ 390@ $ 3.80 1,482 90 @ $ 4.00 360 $ 1,842 January 9 90 @ $ 4.00 January 25 120 $ 4.10 @ @ January 26 170