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 350 units. Ending inventory at January 31 totals 150 units. Beginning inventory on January 1 Units 320 Unit Cost $ 4.40 Purchase on January 9 80 Purchase on January 25 100 4.60 4.74 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 Inventory Balance Date # of units Cost per unit # of units sold Cost per Cost of Goods unit Sold # of units Cost per unit Inventory Balance January 1 320 at $ 4.40 = $1,408.00 80 at $ 4.60 320 at $ 4.40 = $1,408.00 January 9 80 at $ 4.60 = Total January 9 368.00 $1,776.00 100 at $ 4.74 320 at $ 4.40 = $1,408.00 January 25 80 at 100 at $ 4.60 = 368.00 $ 4.74 = 474.00 Total January 25 $2,250.00 January 26 320 at $ 30 at $ 4.40 = 4.60 = 0: at $ 4.74 = $1,408.00 138.00 0.00 0 at 50 at 1001 at 4.40 = $ 4.60 = $ 4.74 = 230.00 474.00 S < Prev 14 15 16 of 20 Next >