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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 420 units. Ending
A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 420 units. Ending inventory at January 31 totals 170 units. Beginning inventory on January 1 Purchase on January 9 Units 380 98 120 Unit Cost $ 3.70 3.90 4.00 Purchase on January 25 Assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. (Round your per unit costs to 2 decimal places.) Beginning Inventory Purchases: January 9 January 25 Total Cost of Goods Available for Sale Periodic LIFO Cost of Goods Sold Inventory Balance of Cost per units unit Cost of Goods Available for Sale # of units # of units sold Cost per unit Cost of Goods Sold in ending Inventory Cost per unit Ending Inventory
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