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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 370 units. Ending
A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 370 units. Ending inventory at January 31 totals 150 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 330 Unit Cost 80 110 $ 3.20 3.40 3.50 Assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. (Round your per unit costs to 2 decimal places.) Beginning Inventory Purchases: January 9 January 25 Total Inventory Balance Cost per unit Periodic FIFO Cost of Goods Available for Sale Cost of Goods Sold # of units Cost per Cost of Goods Available for # of units unit # of units sold Cost per unit Cost of Goods Sold Sale in ending inventory $ 0 Ending Inventory 0 0 $ 0 $ 0 $ 0
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