Required information

Use the following information for the Quick Study below. $($Algo$)(5-7)$

$[$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 $320$ units. Ending inventory at January $31$ totals $140$ units.

QS $5-6($Algo$)$ Perpetual: Inventory costing with LIFO LO P$1$

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

the LIFO method.