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A company reports the following beginning inventory and purchases for the month of January. On January 26, the company sells 290 units. 130 units remain
A company reports the following beginning inventory and purchases for the month of January. On January 26, the company sells 290 units. 130 units remain in ending inventory at January 31. Units Unit Cost Beginning inventory on January 1 260 2.40 Purchase on January 9 60 2.60 100 Purchase on January 25 2.74 Assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the LIFC method. (Round your per unit costs to 2 decimal places.) Periodic LIFO Cost of Goods Available for Sale Cost of Goods Sold Inventory Balance of Cost of Goods cost of units Cost per Ending units Cost per Available for of units. per Cost of ending unit Inventory unit sold unit Goods Sold in Sale inventory 0 Beg. Inventory Purchases January 9 January 25 0 0 0 0 0 Total
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