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 Cost Date of per units unit January 1 Cost of Goods Sold Cost of units Cost of por sold unit Goods Sold Inventory Balance Cost of units per Inventory unit Balance 320 S 3.10 5992 January 700 5 3.30 3200 - S 902 $ 3.10 $ 3.30 700 231 S 1.223 January 25 100 $ 3,40 $ 992 320 @ 70 1000 $ 3.10 = $ 3,30 $ 3,40 231 340 $ 1,563 January 26 $ 3.40 $ 340 $ 3.10 = $ 403 100 70 190 @ @ @ $ 3.30 $ 3.10 130 @ 140 @ 110 231 589 $ 1.160 $ 330 $ 3.40 = 462 374 $ 1,239 Totals & Prou 4 o R Next > Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate co QS 5-5 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 1 Purchase on January 9 Purchase on January 25 Units 320 70 100 Unit Cost $ 3.10 3.30 3.40 Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when colts are assigned based o LIFO. Answer is complete but not entirely correct. Perpetual LIFO: Goode purchased Cost of Date per units unit January 1 January 70 $ 3.30 Cost of Goods Sold Cost # of units Cost of per sold Goods Sold unit Inventory Balance Cost of units Inventory per unit Balance 320 @ $ 3.10 $ 992 $ 992 320 @ 70 la S 3.10 $ 3.30 E 231 $ 1.223 6 na 9 January 9A