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 400 units. Ending inventory at January 31 totals 150 units. Beginning inventory on January 11 Purchase on January 9 Purchase on January 25 Units 360 Unit Cost $3.50 80 110 3.70 3.80 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 # of Date of units Cost per unit units sold Cost per Cost of Goods unit Sold # of units Inventory Balance Cost per unit Inventory Balance January 1 January 9 360 at $ 3.50= $1,260.00 80 at $ 3.70 360 at 80 at $3.50 = $ 3.70- $1,260.00 296.00 Total January 9 $1,556.00