QS 6-7A Periodic: Inventory costing with FIFO LO P3 A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 440 units. Ending inventory at January 31 totals 170 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 400 90 120 Unit Cost $ 3.99 4.10 4.20 Required: Assume the periodic inventory system is used Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. Periodic FIFO Cost of Goods Available for Sale Cost of Goods Sold Inventory Balance Cost per # of units Cost per Cost per Cost of Goods Available for Sale # of units sold unit Cost of Goods Sold # of units in ending inventory Ending Inventory unit unit 400 $ 3.90 $ 1,560 400 S 3.90 $ 1.560 Beg. Inventory Purchases January 9 January 25 Total 90 410 369 40 4.10 164 120 Slalo 420 504 610 S 2.433 440 s 1.724 0 TB MC Qu. 06-162 Salmone Company reported the following... Salmone Company reported the following purchases and sales of its only product Salmone uses a periodic inventory system. Determine the cost assigned to the ending inventory using FIFO. Date Units Sold at Retail May 1 Units Acquired at Cost 330 units @ $18 310 units @ $20 5 Activities Beginning Inventory Purchase Sales Purchase Sales 10 230 units @ $28 15 190 units @ $21 24 180 units @ $29 Multiple Choice O $8,590 $16.130 Multiple Choice $8,590 $16,130 $7,540 $8,380 $7750