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 340 units. Ending inventory at January 31 totals 140 units. Units Unit Cost Beginning inventory on January 1 310 $ 2.90 Purchase on January 9 70 Purchase on January 25 100 3.10 3.24 Required: Assume the perpetual Inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. Goods purchased Perpetual FIFO: Cost of Goods Sold Date # of units Cost per unit # of units sold Cost per Cost of Goods unit Sold # of units Inventory Balance Cost per unit Inventory Balance January 1 January 9 Total January 9 January 25 Total January 25 January 20 Total January 26 $ 0.00 Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned basec the LIFO method. Goods purchased Perpetual LIFO: 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 January 25 Total January 25 January 26 Total January 26 $ 0