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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 260 units. Ending
A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 260 units. Ending inventory at January 31 totals 120 units. Beginning inventory on January 1 Units 230 Unit Cost $ 2.10 Purchase on January 9 Purchase on January 25 50 100 2.30 2.44 Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. Date January 11 January 9 Total January 9 January 25 Goods purchased # of units Cost per # of units unit sold Perpetual LIFO: Cost of Goods Sold Cost per unit Cost of Goods Sold # of units Inventory Balance Cost per unit Inventory Balance $ 0
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