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.

	Units	Unit Cost
Beginning inventory on January 1	320	$ 4.40
Purchase on January 9	80	4.60
Purchase on January 25	100	4.74

QS 5-6 (Algo) Perpetual: Inventory costing with LIFO LO P1

Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method.

Perpetual LIFO:

Date

Goods purchased

Cost of Goods Sold

Inventory Balance

# of units

Cost per unit

# of units sold

Cost per unit

Cost of Goods Sold

# of units

Cost per unit

Inventory Balance

January 1

January 9

Total January 9

$0

January 25

Total January 25

January 26

=

=

Total January 26