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LIFO filled in some Required information [The following information applies to the questions displayed below. A company reports the following beginning inventory and two purchases
LIFO filled in some
Required information [The following information applies to the questions displayed below. A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 330 units Ending inventory at January 31 totals 140 units Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 300 70 1ee Unit Cost $ 2.80 3.ee 3.14 ces Assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method Assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method Periodic LIFO Cost of Goods Sold Cost of Goods Available for Sale # of Cost of Goods units unit Available for Sale 300 $ 2 80s 840 Cost per # of units sold Cost per Inventory Balance W of units Cost per Ending in ending unit Inventory inventory Cost of Goods Sold unit Bog, Inventory Purchases January 9 January 25 Total 70 100 470 3.00 3.14 210 314 1,384 $ 0 $ 0 0 $ 0 Step by Step Solution
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