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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 320 units. Ending inventory at January 31 totals 140 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 290 Unit Cost 70 100 $ 2.70 2.90 3.04 Assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. Note: Round your per unit costs to 2 decimal places. Beginning Inventory Purchases January 9 January 25 Total Periodic LIFO Cost of Goods Available for Sale Cost of Goods Sold Inventory Balance Number of units Cost per unit Cost of Goods Number of Cost per Available for units sold unit Cost of Goods Sold Number of units in ending. Cost per unit Ending Inventory Sale inventory $ 0 0 0 S 0 0 S 0 0 S 0
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