Assist me with this practice homework question. No point value associated. USING THE LIFO METHOD A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells350 units. Ending inventory at January 31 totals 150 units.UnitsUnit CostBeginning inventory on January 1Purchase on January 9Purchase on January 25320$3.003.203.3480100Required:Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based onthe LIFO method.Perpetual LIFO:Inventory BalanceCost of Goods Sold# ofunitsGoods purchased# ofunitsCost perunitCost perunitCost ofGoods SoldCost perunitInventoryBalanceDate# of unitssoldJanuary 1January 9January 25January 26Totals

Under the LIFO method, goods purchased last are sold off at first. Hence, the goods left in stock…

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 150 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 320 80 100 Unit Cost $3.00 3.20 3.34 Required: 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 350 units. Ending inventory at January 31 totals 150 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 320 80 100 Unit Cost $3.00 3.20 3.34 Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method.

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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