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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 450 units. Ending
A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 450 units. Ending inventory at January 31 totals 170 units. Units Beginning inventory on January 1 410 Purchase on January 9 90 120 Purchase on January 25 Unit Cost $4.00 4.20 4.30 Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. Perpetual FIFO: Goods purchased Cost of Goods Sold Inventory Balance # of Date # of units Cost per unit units Cost per Cost of Goods unit Sold # of units Cost per unit Inventory Balance sold January 1 January 9 January 25 January 26 Totals $ 0.00
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