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 360 units Ending inventory at January 31 totals 130 units Beginning inventory on January Units Unit Cost $3.10 70 3.30 100 3.40 320 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 LIFO LIFO Inventory Balance Perpetual LIFO: Goods purchased Date # of Cost per units unit # of units sold Cost of Goods Sold Cost per Cost of Goods unit Sold #of units Cost per unit Inventory Balance January 1 January 9 January 25 nces January 26 Totals