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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 BO 100 Unit Cost $ 3.00 3.20 3.34 Required: Assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method Periodic LIFO Cost of Goods Sold Cost of Goods Available for Sale # of Cost per Cost of Goods Available for units Sale $ 0 # of units sold Inventory Balance #of units in ending Ending unit Inventory Inventory Cost per Cost of oods Sold Cost per unit Beg Inventory Purchases January 9 January 25 Total 0 0 01 0 $ $ 0 5

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