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 290 units. Ending Inventory at January 31 totals 130 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 260 GO 100 Unit Cost $2.40 2.60 2.74 Required: Assume the perpetuat inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on LIFO. Perpetual LIFO: Goods purchased # of Cost per units unit w of units sold Cost of Goods Sold Cost per Cost of Goods unit Sold Inventory Balance # of units Cost per Inventory unit Balance January 1 January 9 $ 0 January 25