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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 310 units. Ending inventory at January 31 totals 130 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 280 Unit Cost $ 2.60 60 100 2.80 2.94 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 # of units Cost per unit Cost of Goods Available for Sale # of units sold Cost per unit Cost of Goods Sold of units in ending inventory Cost per unit Ending Inventory 280 $ 2.60 $ 728 Beginning Inventory Purchases: January 9 60 2.80 168 60 2.80 168 January 25 100 2.94 294 100 2.94 294 Total 440 $ 1,190 160 $ 462 0 $
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