Question
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 370 units. Ending inventory at January 31 totals 150 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 330 Unit Cost $ 3.20 80 110 3.40 3.50 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 Cost of Goods Number Cost per Available for of units unit Number of units sold Cost per unit Cost of Goods Sold Sale units in ending inventory Cost per unit Ending Inventory 0 0 0 0 $ 0 0 $ 0 0 GA 0
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