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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 350 units. Ending inventory

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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 350 units. Ending inventory at January 31 totals 150 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 320 80 100 Unit Cost $ 3.00 3.20 3.34 Required: Assume the perpetual inventory system LIFO. used. Determine the costs assigned to ending inventory when costs are assigned based on Perpetual LIFO: Goods purchased W of units Cost of Goods Sold W of units Cost per Cost of Goods unit sold Sold Date Cost per Inventory Balance Cost per Inventory of units unit Balance unit January 1 January 9 $ January 25 January 26 $ 300 = Totals

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