Required information

Skip to question

[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 350 units. Ending inventory at January 31 totals 150 units.

	Units	Unit Cost
Beginning inventory on January 1	320	$ 4.80
Purchase on January 9	80	5.00
Purchase on January 25	100	5.14

rev: 01_13_2022_QC_CS-290378

Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method.