A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 340 units. Ending inventory at January 31 totals 140 units. Units Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Unit Cost $ 2.90 3.10 3.24 310 70 100 Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on LIFO. Perpetual LIFO: Goods purchased Cost of Goods Sold Inventory Balance # of units sold Cost per unit Cost of Goods Sold # of Cost per unit Cost per unit Inventory Balance Date # of units units January 1 January 9 January 25 January 26 Totals

A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 340 units. Ending inventory at January 31 totals 140 units. Units Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Unit Cost $ 2.90 3.10 3.24 310 70 100 Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on LIFO. Perpetual LIFO: Goods purchased Cost of Goods Sold Inventory Balance # of units sold Cost per unit Cost of Goods Sold # of Cost per unit Cost per unit Inventory Balance Date # of units units January 1 January 9 January 25 January 26 Totals

Name: A company reports the following beginning inventory and two purchases
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Description: A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells340 units. Ending inventory at January 31 totals 140 units.Units31070Unit CostBeginning inventory on January 1Purchase on

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter6: Inventories

Section: Chapter Questions

Problem 4BE: Beginning inventory, purchases, and sales for WCS12 are as follows: Assuming a perpetual inventory...

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