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 $280$ 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

$52\mathrm{.}30$

$2\mathrm{.}50$

$2\mathrm{.}64$

QS $5-5($Algo$)$ Perpetual: Inventory costing with FIFO LO P$1$

Required:

Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method.

$\backslash$table$[[$PeIpetual FIFO:$],[$Date$,$Goods purchased,Cost of Goods Sold,Inventory Balance$],[$of units,$\backslash$table$[[$Cost per$],[$unit$]],\backslash$table$[[$fiof$],[$units$],[$sold$]],\backslash$table$[[$Cost per$],[$unit$]],\backslash$table$[[$Cost of Goods$],[$Sold$]],"$f of units,$\backslash$table$[[$Cost per$],[$unit$]],\backslash$table$[[$Inventory$],[$Balance$]]],[$January $1],[$January $9],[,,,,,,,,],[$Total January $9,,,,,,,,$$$,0\mathrm{.}00$