Required information A company reports the following beginning inventory and two purchases for the month of January On January 26, the company sells 480 units Ending inventory at January 31 totals 280 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 300 260 Unit Cost $ 6.00 5.00 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: GOO purchased Inventory Balance Date # of units Cost per unit Cost of Goods Sold #of units Cost per Cost of Goods unit Solat # of units Cast per unit Inventory Balance January 1 January 9 January 25 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 Inventory Balance # of units Date Cost of Goods Sold # of Cost per cost of Goods units Sold sold Cost per unit # of units Cost per unit unit Inventory Balance January 1 January 9 January 25