QS 5-7A Perpetual: Inventory costing with FIFO LO P3 A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 400 units Ending inventory at January 31 totals 150 units. Units 360 Be 11e Unit Cost $ 3.50 Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 3.70 3.80 Required: Assume the perpetual Inventory system is used and then determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. Perpetual FIFO: Goods purchased #of units Cost of Goods Sold #of units Is Cost per Cost of Goods unit Sold sold Date Cost per unit Inventory Balance its Cost per Inventory unit Balance 1 Assume the perpetual inventory system is used and then determine the costs assigned to ending inventory when costs are assigne based on the FIFO method Perpetual FIFO Goods purchased Cost of Goods Sold Inventory Balance Date of Cost per uits cost per cost of Goods unit Sold funite Cost per unit Inventory Balance January 9 D January 1 January 9 January 25 January 26 Totals