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Need help completing A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 440
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A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 440 units. Ending inventory at January 31 totals 170 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 400 90 120 Unit Cost $ 3.90 4.10 4.20 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 Cost per Cost per Date # of units # of units sold Cost per Cost of Goods unit Sold # of units Inventory Balance unit unit January 1 400 @ $ 3.90] = $ 1,560 January 9 90 @ $ 4.10 400 @ $ 3.90 = $ 1,560 90 @ $ 4.10 = 369 $ 1,929 January 25 120 @ $ 4.20 4001 @ $ 3.90] = $ 1,560 90@ $ 4.10] = 369 120 @ $ 4.20 = 504 $ 2,433 January 26 120 @ $ 4.20 = $ 504 @ $ 3.90 = 901 @ $ 4.10 = 369 $ 4.10 = 230 @ $ 3.90 = 1701@ $ 4.20 714 897 1,770 Totals $ $ 714Step by Step Solution
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