Required information [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 350 units. Ending inventory at January 31 totals 150 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Beginning Inventory Purchases: Assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. Note: Round your per unit costs to 2 decimal places. January 9 Units 320 80 100 Cost of Goods Available for Sale Cost of Goods Available for Sale Number of units Cost per unit Unit Cost $ 3.00 3.20 3.34 Periodic LIFO Cost of Goods Sold Number of units sold Cost per unit Cost of Goods Sold Inventory Balance Number of units in ending inventory Cost per unit Ending Inventory
Required information [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 350 units. Ending inventory at January 31 totals 150 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Beginning Inventory Purchases: Assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. Note: Round your per unit costs to 2 decimal places. January 9 Units 320 80 100 Cost of Goods Available for Sale Cost of Goods Available for Sale Number of units Cost per unit Unit Cost $ 3.00 3.20 3.34 Periodic LIFO Cost of Goods Sold Number of units sold Cost per unit Cost of Goods Sold Inventory Balance Number of units in ending inventory Cost per unit Ending Inventory
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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