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 360 units. Ending inventory at January 31 totals 130 units. Units Unit Cost Beginning inventory on January 1 320 $ 3.10 Purchase on January 9 70 3.30 Purchase on January 25 3.40 100 QS 5-6 (Algo) Perpetual: Inventory costing with LIFO LO P1 Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. Perpetual LIFO: Goods purchased Cost of Goods Sold Cost per # of units # of units Cost per Cost of unit sold unit Goods Sold Date Inventory Balance # of units Cost per Inventory unit Balance January 1 January 9 Total January 9 $ 0 January 25 Total January 25 January 26 Total January 26 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 360 units. Ending inventory at January 31 totals 130 units. Unit Cost Beginning inventory on January $ 3.10 Purchase on January 9 3.30 Purchase on January 25 1 Units 320 70 100 3.40 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 # of Cost of Cost per units unit Goods Sold Date # of units Cost per Inventory Balance # of units Cost per Inventory unit Balance unit sold January 1 320 at $ 3.10 = $ 992.00 70 at $ 3.30 320 at $ 992.00 January 9 $ 3.10 = $ 3.30 = 70 at Total January 9 231.00 $ 1,223.00 $ 992.00 231.00 100 at $ 3.40 320 at $ 3.10 $ 3.30 January 25 70 at 100 at $ 3.40 = 340.00 $ 1,563.00 Total January 25 320 at $ 992.00 at January 26 at $ 3.10 = $ 3.30 = $ 3.40 = 0.00 at 100 at $ 3.10 = $ 3.30 = $ 3.40 = at 0.00 $ 992.00 340.00 $ 340.00 Total January 26