A company reports the following beginning inventory and two purchases for the month of January. On...
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A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 290 units. Ending inventory at January 31 totals 130 units. Units Unit Cost Beginning inventory on January 1 260 $2.40 Purchase on January 9 60 2.60 Purchase on January 25 100 2.74 Required: Assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. Periodic LIFO Cost of Goods Available for Sale Cost of Goods Sold Inventory Balance # of Cost per units unit Cost of Goods Available for Sale Cost per unit # of units in ending inventory Cost per unit Beg. Inventory 260 $ 2.40 $ 624 Purchases: January 9 0 January 25 0 260 624 Total $ # of units sold 0 Cost of Goods Sold $ 0 Ending Inventory $ A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 290 units. Ending inventory at January 31 totals 130 units. Units Unit Cost Beginning inventory on January 1 260 $2.40 Purchase on January 9 60 2.60 Purchase on January 25 100 2.74 Required: Assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. Periodic LIFO Cost of Goods Available for Sale Cost of Goods Sold Inventory Balance # of Cost per units unit Cost of Goods Available for Sale Cost per unit # of units in ending inventory Cost per unit Beg. Inventory 260 $ 2.40 $ 624 Purchases: January 9 0 January 25 0 260 624 Total $ # of units sold 0 Cost of Goods Sold $ 0 Ending Inventory $
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Date Jan01 Jan09 Jan25 Jan26 Total Units Goods Purchsed Perpetual FIFO ... View the full answer
Related Book For
Financial Accounting Information For Decisions
ISBN: 9781260705584
10th Edition
Authors: John J. Wild
Posted Date:
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