A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 460 units. Ending inventory at January 31 totals 340 units.

Homework - Wild - Chapter 5 - Quick Study 6 Saved Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does n 5 Required information A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 460 units. Ending inventory at January 31 totals 340 units. Part 2 of 2 Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 360 240 200 Unit Cost $ 5.00 4.00 2. 50 10 points Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on LIFO. Answer is complete but not entirely correct. Perpetual LIFO: Goods purchased Cost Date # of per units unit January 1 Cost of Goods Sold Cost # of units Cost of per sold unit Goods Sold Inventory Balance Cost # of units Inventory per Balance unit 360 @ $ 5.00 = $ 1,800 January 9 240 @ $ 4.00 360 @ $ 5.00 - $ 1,800 240 @ $ 4.00 = 960 $ 2,760 January 25 200@ S 2.50 360 @ $ 5.00= $ 1,800 240 @ $ 4.00= OOO 960 200 @ $ 2.50 = 500 $ 3,260 January 26 20 x la $ 5.00 S 100 0 @ $ 2.50 960 0 @ = 240 200 x @ $ 4.00 $ 5.00= $ 4.00 $ 5.00 340 @ 1,000 S 2,060 1,700 $ 1,700 Totals