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. Units 260 Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Unit Cost $ 2.40 2.60 2.74 60 100 Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on LIFO. Perpetual LIFO: Goods purchased # of Date Cost per units unit Cost of Goods Sold # of units Cost per Cost of Goods unit sold Sold Inventory Balance # of units Inventory unit Balance Cost per January 1 January 9 S 0 Perpetual LIFO: Goods purchased Date # of units Cost per Cost of Goods Sold # of units Cost per Cost of Goods unit Sold sold Inventory Balance Cost per Inventory # of units unit Balance unit January 1 January 9 25 0 January 25 January 26 Totals