QS 6-4 Perpetual: Inventory costing with FIFO P1

A company reports the following beginning inventory and two purchases for the month of January. On January 26, the com-pany sells 350 units. Ending inventory at January 31 totals 150 units.

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. (Round per unit costs and inventory amounts to cents.)

Units Unlt Cost Beginning inventory on January 1 Purchase on January 9. Purchase on January 25 80 100 3.20 3.34