Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 270 60 100 Unit Cost $2.50 2.70 2.84 Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when c assigned based on LIFO. Perpetual LIFO: Goods purchased Cost of Goods Sold Date # of units Cost per unit units sold Cost per Cost of Goods unit Sold January 1 January 9 | 60 @ $ 2.70 Inventory Balance # of units Cost per Inventory unit Balance 270 @ $ 2.50 = $ 675 270 @ $ 2.50 = $ 675 60 @ $ 2.70 = 162 $ 837 270 @ $ 2.50 = $ 60 @ $ 2.70] = 100 @ $ 2.84 = 284 $ 1,121 January 25 100 @ $ 2.84 675 162 January 26 @ $ 2.70 = ON Totals Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 270 60 100 Unit Cost $2.50 2.70 2.84 Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when c assigned based on LIFO. Perpetual LIFO: Goods purchased Cost of Goods Sold Date # of units Cost per unit units sold Cost per Cost of Goods unit Sold January 1 January 9 | 60 @ $ 2.70 Inventory Balance # of units Cost per Inventory unit Balance 270 @ $ 2.50 = $ 675 270 @ $ 2.50 = $ 675 60 @ $ 2.70 = 162 $ 837 270 @ $ 2.50 = $ 60 @ $ 2.70] = 100 @ $ 2.84 = 284 $ 1,121 January 25 100 @ $ 2.84 675 162 January 26 @ $ 2.70 = ON Totals