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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 430 units. Ending inventory at January 31 totals 170 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 390 Unit Cost 90 120 $ 3.80 4.00 4.10 Assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. (Round your per unit costs to 2 decimal places.) Cost of Goods Available for Sale Periodic FIFO Cost of Goods Sold Inventory Balance #of Cost per Cost of Goods units unit # of units Available for sold Cost per unit Cost of Goods Sold Sale # of units in ending Inventory Cost per unit Ending Inventory Beginning Inventory 390 $ 3.80 $ 1,482 220 $ 3.80 $ 836 170 Purchases: January 91 90 4.00 360 January 25 120 4.10 492 120 4.10 492 Total 600 $ 2,334 340 $ 1,328 170 $
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