QS 6-5 Perpetual: Inventory costing with LIFO 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 1 Purchase on January 9 Purchase on January 25 Units 2 50 60 100 Unit Cost $ 2.30 2.50 2.64 Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on LIFO. Answer is complete but not entirely correct. Perpetual LIFO: Goods purchased #of Cost Date units Cost of Goods Sold Cost of units per Inventory Balance Cost # of units Inventory per Balance sold Cost of Goods Sold per unit January 250 e $ 230 = $ 575 January 60 @ $ 2.50 $ 250 60 $ 2.30 $ 2.50 575 150 @ 125 January 100 l@ $ 254 - 250 @ 60 le 100l@ $ 230 $ 250- $ 2.64 = 150 264 989 $ @ - $ 100 60 120 $ 230 $ 2.50 $264- 230 150 180 @ O 120 @ @ le $ 2.30 S 2.50 264 @ 317 317 731 697