vishusubject-Accounting 211 of 313itsSkippedeBookHintPrintDeferencesRequired information[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, thecompany sells 350 units. Ending inventory at January 31 totals 150 units.Beginning inventory on January 1Purchase on January 9Purchase on January 25Beginning InventoryPurchasesAssume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based onthe FIFO method.Note: Round your per unit costs to 2 decimal places.January 9January 25TotalCost of Goods Available for SaleCost of GoodsAvailable forSale#ofunits0Cost perunit$S0Units32080100000Periodic FIFOUnit Cost$ 3.003.203.34Cost of Goods Sold# of unitssold0Cost perunitCost ofGoods Sold$0Inventory BalanceCost perunit#of unitsin endinginventory0EndingInventoryS

FIFO stands for first in first out.Using FIFO, the older inventory is sold first and newer inventory…

Required information [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 350 units. Ending inventory at January 31 totals 150 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 320 80 100 Unit Cost $ 3.00 3.20 3,34 Assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based or the FIFO method. Note: Round your per unit costs to 2 decimal places. Periodic FIFO