[The following information applies to the questions displayed below.] A company reports the following beginning inventor

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The Following Information Applies To The Questions Displayed Below A Company Reports The Following Beginning Inventor 1 (53.73 KiB) Viewed 18 times

[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 1 320 Unit Cost $ 4.30 4.50 Purchase on January 9 80 Purchase on January 25 100 4.64 Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. Perpetual FIFO: Goods purchased Cost of Goods Sold Inventory Balance Date # of units Cost per unit Cost per Cost of Goods unit Sold Cost per unit Inventory Balance 80 at $4.50 100 at $4.64 at $ 4.30 = at $ 4.50 at $ 4.64= January 1 January 9 Total January 9 January 25 Total January 25 January 26 Total January 26 # of units sold 2 $ 0.00 0.00 0.00 # of units 320 at 320 at 80 at 320 at 60 at 100 at $4.30 = $ 4.30 $4.50 = $ 4.30 = $4.50 = $4.64 $1,376.00 $1,376.00 360.00 $1,736.00 $1,376.00 270.00 464.00 $2,110.00