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3-20 A company reports the following beginning inventory and two purchases for the month of January, On January 26, the company sells 380 units. Ending

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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 380 units. Ending inventory at January 31 totals 150 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 340 BO 110 Unit Cost $ 3.30 3.50 3.60 Required: Assume the perpetual Inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on LIFO Perpetual LIFO: Goods purchased Date # of Cost per units unit #of units sold Cost of Goods Sold Cost per Cost of Goods unit Sold Inventory. Balance Cost per # of units Inventory unit Balance January 1 January 9 $ 0 January 25 January 26 Totals

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