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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 350 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 350 units Ending Inventory at January 31 totals 150 units Units 320 80 100 Unit Cost $ 3.00 -3.20 Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on LIFO Perpetual LIFO: Goods purchased Inventory Balance Cost per Inventory # of units unit Balance Cost per Cost of Goods Sold of units Cost per Cost of Goods sold unit Sold ol units Date unit January 1 January 9 0 January 25 January 26 Totals

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