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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
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 300 units. Ending inventory at January 31 totals 130 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 270 60 100 Unity cost $ 2.50 2.70 2.84 Required: Assume the periodic inventory system is used, Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method, Periode FIFO Cost of goods Sold Contot Goods. Available for Sale #of Cost of Goods units Available for Sale $ 0 Cost per # of units sold Cost per Cost of Goods Sold Inventory Balance # of units Cost per Ending in ending unit Inventory Inventory unit Bag. Inventory Purchases January 9 January 26 Total 0 Oro 0 $ 0 $ O 0 $ 0
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