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A company reports the following beginning inventory and two purchases for the month of January....

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Accounting

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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 Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on LIFO. Perpetual LIFO Goods purchased Cost of Goods Sold Inventory Balance # of Date # of units Cost per unit units sold Cost per Cost of Goods unit Sold of units Cost per unit Inventory Balance January 1 January 9 | January 25 Perpetual LIFO Goods purchased Inventory Balance Cost per Cost of Goods Sold # of units Cost per Cost of Goods unit Sold sold # of units Date # of units Cost per unit Inventory Balance unit January 1 January 9 $ 0 January 25 January 26 @ $ 3.00 0 Totals

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