HW #5

QS 5-5 Perpetual: Inventory costing with LIFO LO P1 A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 300 units Ending Inventory at January 31 totals 130 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Unita 270 60 100 Unit Cost $ 2.50 2.70 2.84 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 Cost of Goods Sold Cost per Cost of Goods unit Sold Cost per Inventory Balance #of units Cost per Inventory unit Balance W of units sold of Date units unit January 1 January January 25 Perpetual LIFO: Goods purchased Cost of Goods Sold Inventory Balance Cost per Date # of units # of units sold Cost per Cost of Goods unit Sold Cost per unit # of units Inventory Balance unit January 1 January 9 0 January 25 January 26 Totals