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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 inventory

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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 inventory at January 31 totals 120 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 230 50 100 Unit Cost $ 2.10 2.30 2.44 OOK Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. Tint rences Inventory Balance Perpetual FIFO Goods purchased Date of Cost per units unit Cost of Goods Sold # of units Cost per cost of Goods unit Sold sold of units Cost per unit Inventory Balance January 1 January 9 $ 0.00 January 25 A car dealer acquires a used car for $8,000, with terms FOB shipping point. Compute total inventory costs assigned to the used car if additional costs include . . $190 for transportation-in. $120 for shipping Insurance. $1,000 for car import duties, $180 for advertising $1,400 for sales staff salaries. $160 for trimming shrubs. Expensed as incurred $ Cost Transportation-in Import duties Insurance during shipment Advertising Sales staff salaries Trimming shrubs Total Included in Cost Inventory Cost 8,000 190 1,000 120 180 1,400 160 11,050 $ 0 $ $

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