13 1 Required Information The Following Information Applies To The Questions Displayed Below A Company Reports The Fo 1 (21.51 KiB) Viewed 16 times
13 1 Required Information The Following Information Applies To The Questions Displayed Below A Company Reports The Fo 2 (48.1 KiB) Viewed 16 times
13 1 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. Beginning inventory on January 1 Purchase on January 9. Purchase on January 25 Units 320 80 100 Unit Cost $ 3.00 3.20 3.34 Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method.
Date January 1 January 9 Total January 9 January 25 Total January 25 January 26 Total January 26 Goods purchased # of units Cost per unit # of units sold Perpetual LIFO: Cost of Goods Sold Cost per Cost of Goods unit Sold at $ 3.00 = Inventory Balance Cost per unit # of units 11 Inventory Balance
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