A company reports the following beginning inventory and two purchases for the month of January. On...
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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 410 units. Ending inventory at January 31 totals 150 units. Units Unit Cost Beginning inventory on January 1 370 $ 3.60 Purchase on January 9 80 3.80 Purchase on January 25 110 3.90 QS 5-6 (Algo) Perpetual: Inventory costing with LIFO LO P1 Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. Goods purchased Perpetual LIFO: Cost of Goods Sold Date # of units Cost per # of units unit sold Cost per unit Cost of Goods Sold # of units Inventory Balance Cost per Inventory unit Balance January 1 January 9 Total January 9 January 25 Total January 25 January 26 S 0 A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 410 units. Ending inventory at January 31 totals 150 units. Units Unit Cost Beginning inventory on January 1 370 $ 3.60 Purchase on January 9 80 3.80 Purchase on January 25 110 3.90 QS 5-6 (Algo) Perpetual: Inventory costing with LIFO LO P1 Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. Goods purchased Perpetual LIFO: Cost of Goods Sold Date # of units Cost per # of units unit sold Cost per unit Cost of Goods Sold # of units Inventory Balance Cost per Inventory unit Balance January 1 January 9 Total January 9 January 25 Total January 25 January 26 S 0
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