$(1)$

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.

$\backslash$table$[[$Beginning inventory on January $1,$Units,Unit cost$],[$Purchase on January $9,320,3\mathrm{.}00],[$Purchase on January $25,80,3\mathrm{.}20]]$

Required:

Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method.

$\backslash$table$[[$Perpetual FIFO:$],[$Date$,$Goods purchased,Cost of Goods Sold,Inventory Balance$],[$# of units,$\backslash$table$[[$Cost per$],[$unit$]],\backslash$table$[[$# of$],[$units$],[$sold$]],\backslash$table$[[$Cost per$],[$unit$]],\backslash$table$[[$Cost of Goods$],[$Sold$]],$# of units,$\backslash$table$[[$Cost per$],[$unit$]],\backslash$table$[[$Inventory$],[$Balance$]]],[$January $1],[$January $9],[,,,,,,,,],[$Total January $9],[$January $25],[],[,,,,,,,,],[$Total January $25,,,,,,,,]]$