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I really need help understanding this problem. Much appreciated. Please answer by filling in the blanks with blue outline as shown in the chart. A
I really need help understanding this problem. Much appreciated.
Please answer by filling in the blanks with blue outline as shown in the chart.
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. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 370 80 110 Unit Cost $ 3.60 3.80 3.90 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 Inventory Balance Date # of units Cost per # of units sold Cost per Cost of Goods unit Sold Cost per # of units Inventory Balance unit unit January 1 January 9 January 25 January 26 TotalsStep by Step Solution
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