Required information A company reports the following beginning inventory and two purchases for the month...
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Accounting
Required information 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 190 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 200 160 180 Unit Cost $ 7.ee 5.00 4.00 Required: Assume the perpetual inventory system is used and then 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 Cost per # of units # of units Cost per Cost of Goods unit Sold # of units Inventory Balance unit unit sold January 1 2001@ $ 7.00 = $1,400.00 January 9 1601@ $ 5.00 200 @ 160 @ $ 7.00 = $ 5.00 = $1,400.00 800.00 $2,200.00 January 25 180 @ $ 4.00 200 @ 160 @ $ 7.00 = $ 5.00 = $1,400.00 800.00 720.00 $2,920.00 1801 $ 4.00 = January 26 0.00 $ @ @ @ $ 7.00 = $ 5.00 = 0.00 $ 4.00 = 0.00 Totals
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