[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 300 units. Ending inventory at January 31 totals 130 units. Beginning inventory on January Purchase on January 9 Purchase on January 25 Date Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based the FIFO method. January 1 January 9 Total January 9 January 25 Total January 25 January 26 Total January 26 Goods purchased Number of Cost per units unit Units 270 60 100 Number of units sold Unit Cost $2.50 2.70 2,84 Perpetual FIFO Cost of Goods Sold Cost per unit Cost of Goods Sold Inventory Balance Cost per unit Number of units Inventory Balance

[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 300 units. Ending inventory at January 31 totals 130 units. Beginning inventory on January Purchase on January 9 Purchase on January 25 Date Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based the FIFO method. January 1 January 9 Total January 9 January 25 Total January 25 January 26 Total January 26 Goods purchased Number of Cost per units unit Units 270 60 100 Number of units sold Unit Cost $2.50 2.70 2,84 Perpetual FIFO Cost of Goods Sold Cost per unit Cost of Goods Sold Inventory Balance Cost per unit Number of units Inventory Balance

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Description: Please do not give solution in image format thanku [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, thecompany sells 300

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter20: Accounting For Inventory

Section: Chapter Questions

Problem 3AP

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