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Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 320...

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Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 320 80 Unit Cost $ 3.00 3.20 lee 3.34 QS 5-6 (Static) Perpetual: Inventory costing with LIFO LO P1 Assume the perpetual Inventory system is used. Determine the costs assigned to ending Inventory when costs are a the LIFO method. Perpetual LIFO: Cost of Goods Sold Goods purchased Inventory Balance Date Cost per # of units # of units sold Cost per Cost of Goods unit Sold # of units unit Cost per unit Inventory Balance January 1 80 at s 3.20 at January at $ 3.20 = Total January $ 0 100 at s 3.34 at January 25 at $ 3.20 = at S 3.34 = Total January 25 100 at January 26 80 at $ 3.20 = at S 3.00 = at S 3.34 = Total January 26

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