Required information Use the following information for the Quick Study below. (Algo) (5-7) [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 $ 4.30 Purchase on January 9 80 4.50 Purchase on January 25 100 4.64 QS 5-5 (Algo) Perpetual: Inventory costing with FIFO LO P1 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 Cost Cost Date # of units # of units per per sold Cost of Goods Sold # of units unit unit Cost Inventory per Balance unit $ January 1 320 at $ 4.30 1,376.00 $ 80 at $ 4.50 January 9 320 at $ 4.30 = 1,376.00 80 at $ 4.50 = 360.00 $ Total January 9 1,736.00 $ 100 at $ 4.64 320 at $ 4.30 = 1,376.00 January 25 80 at $ 4.50 = 360.00 100 at $ 4.64 = 464.00 Total January 25 $ 2,200.00 $ 320 at $ 4.30 = 100 at $ 4.30 = 430.00 January 26 30 at $ 4.50 = 1,376.00 135.00 80 at $ 4.50 = 360.00 30 at $ 4.64 = 139.20 100 > at $ 4.64 = 464.00 Total January $ $ 26 1,650.20 1,254.00