Question
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
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.
|
| Units | Unit Cost | ||
| Beginning inventory on January 1 | 230 | $ | 2.10 |
|
| Purchase on January 9 | 50 |
| 2.30 |
|
| Purchase on January 25 | 100 |
| 2.44 |
|
|
| ||||
Required:
Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on LIFO.
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Accounting An Essential Guide To Learning Accounting Quickly
Authors: Greg Shields
1st Edition
1978341873, 978-1978341876
