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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 380 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 380 units. Ending Inventory at January 31 totals 150 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units Unit Cost 3 40 3.30 80 3.50 3.60 110 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 of Goods Sold Cost per Cost of Goods own per cost of God unit Sold Cost per unit Date of units Cost per unit units sold Inventory Balance units January 1 $ 1,122 January 9 8 0 @ 3.50 340 @ @ @ 3.30 - $ 3.30 - $ 3.50 - January 25 1101@ $ 3.60

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