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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

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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 Inventory at January 31 totals 170 units. Beginning inventory on January 1 Units 410 Purchase on January 9 90 120 Unit Cost $4.00 4.20 4.30 Purchase on January 25 Required: Assume the perpetual Inventory system is used and then determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. Perpetual FIFO: Goods purchased Cost of Goods Sold Date January 1 January 9 # of units Cost per unit #of units sold Cost per Cost of Goods unit Sold # of units loventory Balance Cost per unit Inventory Balance

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