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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

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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 January. On January 26, the company sells 350 units. Ending inventory at January 31 totals 150 units. Units Beginning inventory on January 1 Unit Cost $ 3.30 320 Purchase on January 9 1 80 3.50 Purchase on January 25 100 3.64 Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. Perpetual LIFO: Goods purchased Cost of Goods Sold Inventory Balance Date # of units Cost per Cost of Goods Sold # of units Cost per unit Inventory Balance unit January 1 January 9 Total January 9 January 25 Total January 25 January 26 Total January 26 Cost per # of units unit sold

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