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A company reports the following beginning inventory and two purchases for the month of January....

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A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 350 units Ending inventory at January 31 totals 150 units. Units Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 320 80 100 Unit Cost $3.00 3.20 3.34 Required: Assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method Periode FIFO Cost of Goods Sold Inventory Balance Cost of Goods Available for Sale Cost of Goods Cost per Available for units unit Sale 320 $ #of # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory 320 Beg. Inventory Purchases January 9 January 25 Total 80 100 500 OOO $ 320 $ 0 0 $

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