A company reports the following beginning inventory and two purchases for the month of January. OnJanuary 26, the company sells 350 units. Ending inventory at January 31 totals 150 units. Units Unit CostBeginning inventory on January 1 320 $3.00Purchase on January 9 80 3.20Purchase on January 25 100 3.34 Required Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. (Round per unit costs and inventory amounts to cents.)

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A: Step 1: FIFO or First-in, First-out method assumes that the goods first purchased are first sold.…

Q: [The following information applies to the questions displayed below.] A company reports the…

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Q: [The following information applies to the questions displayed below] A company reports the following…

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A: Inventory includes all the items, merchandise, and raw materials that are used by the business…