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A company reports the following beginning inventory and purchases for the month of January. On January 26, the company sells 350 units. 150 units remain
A company reports the following beginning inventory and purchases for the month of January. On January 26, the company sells 350 units. 150 units remain in ending inventory at January 31. |
Units | Unit Cost | ||
Beginning inventory on January 1 | 320 | $ | 3.00 |
Purchase on January 9 | 80 | 3.20 | |
Purchase on January 25 | 100 | 3.34 | |
|
Required: |
Assume the perpetual inventory system is used and then determine the costs assigned to endinginventory when costs are assigned based on the FIFO method.
|
Calculate the COst of Goods Sold - January 26
Calculate Inventory Balance
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