A company reports the following beginning inventory and two purchases for the month of January....
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Accounting
A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 260 units. Ending inventory at January 31 totals 120 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 230 50 100 Unit Cost $ 2.10 2.30 2.44 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 Cost per Date # of units sold # of units Cost per Cost per Cost of Goods unit Sold Inventory Balance unit # of units unit January 1 January 9 January 25 January 26 Totals
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