Required information A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 400 units Ending inventory at January 31 totals 230 units. Units Unit Cost Beginning inventory on January 240 1 $5.00 Purchase on January 9 180 3.00 Purchase on January 25 210 2.50 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 Perpetual FIFO: Goods purchased of Date Cost per units Cost of Goods Sold Cost per Cost of Goods unit Sold # of units sold Inventory Balance Cost per # of units Inventory Balance unit January 1 240 @ $ 500 $1,200.00