QS 5-8A Perpetual: Inventory costing with LIFO LO P3 A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 300 units Ending inventory at January 31 totals 130 units Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 270 60 100 Unit Cost $2.50 2.70 2.84 Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method Perpetual LIFO: Goods purchased Cost of Goods Sold Date of Cost per units Cost per Cost of Goods units unit ods sold Sold unit Inventory Balance #of units Cost per Inventory unit Balance Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based the LIFO method Perpetual LIFO: Goods purchased Inventory Balance # of units Date Cost of Goods Sold #of Cost per Cost of Goods sold unit Sold Cost per unit # of units Cost per Unit Inventory Balance January 1 January 9 January 25 January 1 E January 9 January 25 January 26 Totals