! Required information [The following information applies to the questions displayed below.] 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. Units Unit Cost Beginning inventory on January 1 320 $ 3.10 Purchase on January 9 70 Purchase on January 25 100 3.30 3.40 Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. Perpetual LIFO: Goods purchased Cost of Goods Sold Date # of units Cost per # of units unit sold Cost per Cost of Goods unit Sold # of units Inventory Balance Cost per unit Inventory Balance January 1 January 9 Total January 9 70 at $ 3.30 320 at $ 320 at $ 70 at $ 3.10= $ 992 3.10 = 3.30= $ 992 231 $ 1,223 100 at $ 3.40 320 at $ January 25 70 at $ 100 at $ 3.10= 3.30= 3.40 = $ 992 231 340 Total January 25 $ 1,563 January 26 100 at $ 70 at $ 3.40= 3.30= 340 130 at $ 231 0 at $ 190 at $ 3.10 = 589 0 at $ 3.10= $ 3.30= 3.40 = 403 Total January 26 $ 1,160 $ 403