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 400 units. Ending inventory at January 31 totals 150 units. Units 360 Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Unit Cost $ 3.50 3.70 3.80 80 110 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 Inventory Balance # of units Date Cost of Goods Sold # of Cost per Cost of Goods units unit sold Sold Cost per unit # of units Cost per unit Inventory Balance January 1 January 9