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A company reports the following beginning inventory and 2 purchases for the month of January. On January 26, the company sells 350 units. Ending inventory
A company reports the following beginning inventory and 2 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
320 units
$10.00
Purchases on January 9
80
5.20
Purchases on January 25
100
5.54
Required
Assume the perpetual inventory system is used. Determine the costs assigned to the ending inventory when costs are assigned based on
a. The FIFO method
b. The LIFO Method
c. The weighted average method
( Round per unit costs and inventory amounts to cents)
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