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Please finish or correct A company reports the following beginning Inventory and two purchases for the month of January. On January 26, the company sells
Please finish or correct
A company reports the following beginning Inventory and two purchases for the month of January. On January 26, the company sells 320 units. Ending Inventory at January 31 totals 140 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 290 70 Unit Cost $ 2.70 2.90 100 (8 00:23:54 Required: Assume the perpetual Inventory system is used and then determine the costs assigned to ending Inventory when costs are assigned based on the FIFO method. Perpetual FIFO: Goods purchased #of Date unit Cost of Goods Sold Cost per | units Cost of unit sold Goods Sold of Cost per Inventory Balance Cost per Inventory # of units unit Balance units January 1 January 9 70 @ $ 2.90 290 @ 290 @ 380 @ $ 2.70 = $ $ 2.70 = $ $ 2.90 = $ | $ $ 2.70 = $ $ 2.90 = $ $ 3.04 - $ $ 783 783 1,044 1,827 783 203 304 1,290 January 25 100 @ $ 3.04 290 @ 70 @ 100 @ January 28 @ $ 2.70 = @ S $ 2.90 = 3.04 = $ $ 0 TotalsStep by Step Solution
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