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 Units 320 Unit Cost $ 3.60 Purchase on January 9 Purchase on January 25 80 100 3.80 3.94 Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. Goods purchased Perpetual FIFO: Cost of Goods Sold Date # of # of units Cost per unit units sold Cost per Cost of Goods unit Sold # of units Inventory Balance Cost per unit Inventory Balance January 1 January 9 Total January 9 January 25 Total January 25 January 26 Total January 26 $ 0.00 9 < Prev 3 4 5 of 12 Next > 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 Beginning inventory on January 1 320 $ 3.60 Purchase on January 9 80 Purchase on January 25 100 3.80 3.94 Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. Perpetual LIFO: Goods purchased Cost of Goods Sold Inventory Balance Date # of units unit Cost per # of units sold Cost per Cost of Goods unit Sold # of units Cost per unit Inventory Balance January 1 January 9 Total January 9 January 25 Total January 25 January 26 Total January 26 $ 0 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 Beginning inventory on January 1 320 $ 3.60 Purchase on January 9 Purchase on January 25 80 100 3.80 3.94 Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigded based on the weighted average method. (Round your per unit costs to 2 decimal places.) Weighted Average Perpetual: Cost of Goods Sold January 1 January 9 Goods purchased Inventory Balance Date # of # of units Cost per unit units Cost per unit Cost of Goods Sold # of units Cost per unit Inventory Balance sold Average cost January 9 January 25 Average cost January 25 January 26 Total January 26 0.00 Date January 1 January 10. January 20 January 251 January 301 Required: Activities Beginning inventory Sales Purchase Sales Purchase Totals 145 units @ Units Acquired at Cost $7.00 Units sold at Retail $ 1,015 105 units @ $ 16.00 70 units @ $ 6.00 = 420 85 units @ $ 16.00 190 units @ 405 units $ 5.50= 1,045 $ 2,480 190 units 1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. 2. Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. 3. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. 4. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. Complete this question by entering your answers in the tabs below. Specific Id Weighted Average FIFO LIFO Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. Specific Identification Available for Sale Purchase Date Activity # of units Cost Per Unit sold Cost of Goods Sold of units Cost Per Unit Ending Inventory COGS Ending Inventory- Cost Per Unit Units Ending Inventory-Cost January 11 January 20 Beginning inventory 145 Purchase 70 January 30 Purchase 190 405 $ 0 $