A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 360 units. Ending inventory at January 31 totals 130 units. Units Unit Cost $ 3.10 Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 320 70 3.30 100 3.40 Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method.

A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 360 units. Ending inventory at January 31 totals 130 units. Units Unit Cost $ 3.10 Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 320 70 3.30 100 3.40 Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method.

Name: n applies to the questionsollowing beginning inventory andonth of Jan
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Description: n applies to the questionsollowing beginning inventory andonth of January. On January 26, theEnding inventory at January 31UnitsUnit Cost1 January 1320$ 3.10703.301003.40entory system is used. Determine thenventory when costs are assignedd.Perpetual

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter6: Inventories

Section: Chapter Questions

Problem 2PB: LIFO perpetual inventory The beginning inventory for Dunne Co. and data on purchases and sales for a...

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