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Required information

Use the following Information for the Qulck 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.

$\backslash$table$[[$Beginning Inventory on January $1,$Units,Unit cost$],[$Purchase on January $9,320,3\mathrm{.}10],[$Purchase on January $25,70,3\mathrm{.}30]]$

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

Requlred:

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$[[,,,,$Perpetual,FIFO:,,$18,2],[,$Goods,rchased,,Cost of Goc,ds Sold,,antory Bale,$],[$Date$,$# of units,$\backslash$table$[[$Cost per$],[$unit$]],\backslash$table$[[$# of$],[$units$],[$sold$]],\backslash$table$[[$Cost per$],[$unit$]],\backslash$table$[[$Cost of Goods$],[$Sold$]],$# of units,$\backslash$table$[[$Cost per$],[$unit$]],\backslash$table$[[$Inventory$],[$Balance$]]],[$January $1,,,-,,,,,\stackrel{}{x}$