Required information Use the following information for the Quick Study below. (Algo) [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 280 units. Ending inventory at January 31 totals 130 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 250 60 100 Unit Cost $ 2.30 2.50 2.64 QS 5-5 (Algo) Periodic: Inventory costing with FIFO LO P1 Required: Assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. Periodic FIFO Cost of Goods Available for Sale Cost of Goods Sold Cost per # of Cost of Goods units unit Available for Sale 250 $ 230$ 575 # of units sold Cost per unit Cost of Goods Sold Inventory Balance # of units in ending Ending unit inventory Inventory + $ 2.30 $ 920 Cost per Beg. Inventory Purchases: January 9 January 25 Total 60 2.50 2.64 100 410 150 264 989 $ 0 $ 0 400 $ 920