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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 of

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 300 units. Ending Inventory at January 31 totals 130 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 270 60 100 Unit Cost $2.50 2.70 2.84 Assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Round per unit costs to 2 decimal places.) Weighted average - Periodic Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Goods # of units Cost per unit Available for # of units sold Sale Average Cost per Unit # of units Cost of Goods Sold in ending inventory Average Cost per unit Ending Inventory Beginning inventory Purchases: January 9 January 25 Total $ 0 $ 0.00 $ 0.00 Assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. (Round your per unit costs to 2 decimal places.) Periodic LIFO Cost of Goods Available for Sale Cost of Goods Sold Inventory Balance Cost of Goods # of units # of units Cost per # of units Cost per Available for unit sold unit Cost of Goods Sold Sale in ending inventory Cost per unit Ending Inventory Beginning Inventory $ 0 Purchases January 9 January 251 Total 0 0 0 $ 0 0 $ 0 $ 0

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