8.

Required information

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

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[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 350 units. Ending inventory at January 31 totals 150 units.

	Units	Unit Cost
Beginning inventory on January 1	320	$ 3.30
Purchase on January 9	80	3.50
Purchase on January 25	100	3.64

QS 5-6 (Algo) Perpetual: Inventory costing with LIFO LO P1

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

Answer is complete but not entirely correct.

Perpetual LIFO:

Date

Goods purchased

Cost of Goods Sold

Inventory Balance

# of units

Cost per unit

# of units sold

Cost per unit

Cost of Goods Sold

# of units

Cost per unit

Inventory Balance

January 1

not attempted

320selected answer correct

at

$3.30selected answer correct

=

$1,056

January 9

80selected answer correct

at

$3.50selected answer correct

320selected answer correct

at

$3.30

=

$1,056

80selected answer correct

at

$3.50

=

280

Total January 9

$1,336

January 25

100selected answer correct

at

$3.64selected answer correct

320selected answer correct

at

$3.30

=

$1,056

80selected answer correct

at

$3.50

=

280

100selected answer correct

at

$3.64

=

364

Total January 25

$1,700

January 26

100selected answer correct

at

$3.64

=

$364

?

at

$3.30

=

$1,056

80selected answer correct

at

$3.50

=

280

?

at

$3.50

=

280

?

at

$3.30

=

1,155

?

at

$3.64

=

364

Total January 26

$1,799

$1,700

Please help with the question marks. Thanks.