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. During January, a company that uses a perpetual inventory system had beginning inventory, purchases, and sales as follows. What was the LIFO cost of
. During January, a company that uses a perpetual inventory system had beginning inventory, purchases, and sales as follows. What was the LIFO cost of the company's January 31 inventory?
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Units | Cost per Unit |
| Beginning inventory | 100 | $10 | |
| Jan. | 5 purchase | 40 | 12 |
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| 10 sale | 60 |
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| 15 purchase | 70 | 13 |
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| 25 sale | 50 |
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Answer:
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| Purchases | Sales | Balance | ||||||
| Date | Units | Unit Cost | Total | Units | Unit Cost | Total | Units | Unit Cost | Total |
| 1/1 |
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| 1/5 |
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| 1/10 |
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| 1/15 |
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| 1/25 |
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