[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 390 units. Ending inventory at January 31 totals 150 units. Beginning inventory on January 1 Purchase on January 9 Units 350 80 Unit Cost Purchase on January 25 110 $ 3.40 3.60 3.70 Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. Perpetual FIFO: Goods purchased Cost of Goods Sold Date # of units Cost per unit # of units sold unit Cost per Cost of Goods Sold # of units Inventory Balance Cost per unit Inventory Balance January 1 January 9 Total January 9 80 at $3.60 350 at $ 3.40 = $1,190.00 350 at $ 3.40 = $1,190.00 80 at $3.60 = 288.00 $1,478.00 110 at $ 3.70 January 25 350 at 80 at 110 at $ 3.70 = $3.40 = $3.60 = $1,190.00 288.00 407.00 Total January 25 January 26 Total January 26 $1,885.00 350 at $ 3.40= $1,190.00 at $ 3.40 = 40 at $ 3.60 = 144.00 at $ 3.70 = 0.00 $1,334.00 40 at $3.60 = 110 at $ 3.70 = 144.00 407.00 $ 551.00