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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 the month
! 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 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 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 Available for Sale Cost of Goods Sold Inventory Balance Cost per Cost per # of units Cost per Cost of Goods Available for Sale $ 0 # of units sold Cost of Goods Sold # of units in ending inventory unit unit unit Ending Inventory Beg. Inventory Purchases: 0 January 9 January 25 Total 0 $ 0 0 $ 0 $ 0
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