QS 5-5 Periodic: Inventory costing with LIFO LO P1 A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 350 units. Ending inventory at January 31 totals 150 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 320 80 100 Unit Cost $3.00 3.20 3.34 Required: 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 Cost of Goods # of Cost per Available for units unit Sale 0 Cost per Cost per Inventory Balance # of units Ending in ending unit Inventory Inventory # of units sold Cost of Goods Sold unit Beg. Inventory Purchases: January 9 January 25 Total OOO 0 $ 0 $ 0 $ ... Navt >