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Looking for someone to double check my answers in the blue boxes, thanks! A company reports the following beginning inventory and two purchases for the
Looking for someone to double check my answers in the blue boxes, thanks!
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 Units Unit Cost Beginning inventory on January 1 Purchase on January!9 Purchase on January 25 300 70 100 $2.80 3.00 3.14 Required Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on LIFO Perpetual LIFO ds purchased ods Inventory Balance #of me Cost of Goods! Sold Cost per units #of units cost per unit Cost per Inventory Balance Date # of units unit unit sold 300$ 2.80 840 300|@ $ 2.80|#| $ 840 210 $ 1,050 January 1 January 9 70 3.00 70 S 300 100@ 3.14 3ool @?$ 2.80-$ 840 210 314 $ 1,364 January 25 70|@? $ 3.001- 100 S 3.14 100 70 $ 3.00 160@ $ 2.80!= 3.14$ 314 210 448 $ 972 0| @? $ 3.141- 0 $ 3.00 02.80 January 26 TotalsStep by Step Solution
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