Use the following information for the Quick Study below. $($Algo$)(5-7)$

Skip to question

$[$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 $420$ units. Ending inventory at January $31$ totals $170$ units.

Units Unit Cost

Beginning inventory on January $1380$ $ $3\mathrm{.}70$

Purchase on January $9903\mathrm{.}90$

Purchase on January $251204\mathrm{.}00$

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.