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 450 units. Ending Inventory at January 31 totals 170 units. Units Unit Cost Beginning inventory on January 1 410 Purchase on January 9 Purchase on January 25 120 4.30 $ 4.00 4.20 90 QS 6-5 (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 Cost per Cost of Goods unit Sold Date # of Inventory Balance # of units Cost per Inventory unit Balance # of units Cost per unit units sold January January Total January QS 6-5 (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 Cost per # of units Perpetual FIFO Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Date Inventory Balance Cost per Inventory # of units unit Balance unit January 1 January 9 Total January 9 January 25 Total January 25 January 26 Total January 26