LIFO METHOD: Required information [The following information applies to the questions displayed...
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Accounting
LIFO METHOD:
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 450 units. Ending inventory at January 31 totals 170 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 410 90 120 Unit Cost $ 4.00 4.20 4.30 Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. Perpetual LIFO: Goods purchased Cost of Goods Sold Cost per # of units Cost per # of units Cost of Goods unit sold unit Sold Date Inventory Balance Cost per Inventory # of units unit Balance January 1 January 9 Total January 9 January 25 Total January 25 January 26
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