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! Required information [ The following information applies to the questions displayed below. ] A company reports the following beginning inventory and two purchases for
Required information
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 the company sells units. Ending inventory at January totals units.
tableUnits,Unit CostBeginning inventory on January $Purchase on January Purchase on January
Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method.
tablePerpetual LIFO:DateGoods purchased,Cost of Goods Sold,Inventory Balance# of units,tableCost perunittable# of unitssoldtableCost perunittableCost of GoodsSold# of units,tableCost perunittableInventoryBalanceJanuary January Total January January Total January January Total January
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