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Use the following information for the Quick Study below. (Algo) (5-7) A company reports the following beginning inventory and two purchases for the month of
Use the following information for the Quick Study below. (Algo) (5-7) 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 | Unit Cost | |
---|---|---|
Beginning inventory on January 1 | 320 | $ 3.30 |
Purchase on January 9 | 80 | 3.50 |
Purchase on January 25 | 100 | 3.64 |
QS 5-6 (Algo) Perpetual: Inventory costing with LIFO LO P1
Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method.
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Please help me with the question marks for Jan 26.
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