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QS 5-8A Periodic: Inventory costing with LIFO LO P3 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. ok Units Unit Cost Beginning inventory on January 320 $3.00 Purchase on January 9 80 3.20 Purchase on January 25 100 3.34 Required: Assume the periodic Inventory system is used. Determine the costs assigned to ending Inventory when costs are assigned based on the LIFO method. inces Periodic LIFO Cost of Goods Sold Cost of Goods Available for Sale Cost of Goods # of Cost per Available for units unit Sale | 320 $ 3.00 S 960 # of units sold Cost per unit Cost of Goods Sold Inventory Balance # of units Cost per Ending in ending unit Inventory inventory Beg. Inventory Purchases: 3.20 256 January 9 January 25 Total 80 100 3.34 50 500 s 1.550