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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
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 3.00 Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 320 3.20 80 100 3.34 Required: Assume the perpetual inventory system is used and then determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. Perpetual FIFO Goods purchased Inventory Balance Cost of Goods Sold #of units sold Cost per Cost of Goods unit # of units Cost per unit Cost per unit Inventory Balance Date #of units Sold January 1 January 9 January 25 January 26 Totals
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