QS 6-4 Perpetual: Inventory costing with FIFO LO P1 A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 280 units. Ending inventory at January 31 totals 130 units Beginning inventory on January Units Unit Cost 250 $2.30 60 2.50 100 2.64 Purchase on January 9 Purchase on January 25 Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. Perpetual FIFO: Goods purchased #of of Cost of Goods Sold Cost per Cost of Goods unit Sold Date Cost per Inventory Balance of units Cost per Inventory unit Balance sold January 1 January 9 January 25 January 26 Totals