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I'm almost done with this problem, but I'm stuck. Please help! A company reports the following beginning inventory and two purchases for the month of
I'm almost done with this problem, but I'm stuck. Please help!
A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 260 units. Ending inventory at January 31 totals 120 units. Units Unit Cost Beginning inventory on January 1 230 $ 2.10 Purchase on January 9 50 2.30 Purchase on January 25 100 2.44 Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on LIFO.
TUTVUSIC Goods purchased Cost of Goods Sold Inventory Balance Date # of units Cost per unit # of units sold Cost per Cost of Goods unit Sold # of units January 1 January 9 50 @ $ 2.30| 230@ 230 @ 50@ January 25 100@1 $ 2.44| 230 @ 50 @ 1001 @ Cost per Inventory unit Balance $ 2.10 = $ 483 $ 2.10 = $ 483| $ 2.30 = 115 $ 598 $ 2.100 = $ 483 $ 2.30 = 115 $ 2.44 = 244 1 $ 842 $ 2.10 = $ 420 $ 2.30 = | $ 2.44 $ 420 January 26 $ 100 @ 50 @ 260 @ 2 $ $ $ 2.44 = 2.30 = 2401 - 2.10 = 244 115 00 @ ol@ 0@ 546 Totals $ 905
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