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 ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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 310 units. Ending inventory at January 31 totals 130 units. Units Unit Cost Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 280 $ 2.60 60 2.80 100 2.94 Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. Perpetual LIFO: Cost of Goods Sold Goods purchased Inventory Balance Date Cost per unit # of units Cost per unit Cost of Goods Cost per unit Inventory Balance # of units # of units sold Sold January 1 January 9 Total January 9 January 25
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Can do the FIFO AND THE LIFO and also the weighted average for January 1 January 10 January 20 January 25 January 30 thank you
Can you please explain how to get the Cost of Goods Solds category using LIFO?
Haresh
Help please
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 310 units. Ending inventory at January 31 totals 130 units. Units Unit Cost Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 280 $ 2.60 60 2.80 100 2.94 Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Round your per unit costs to 2 decimal places.) Weighted Average - Perpetual: Cost of Goods Sold Goods purchased Inventory Balance Date # of Cost per unit Cost per unit Cost of Goods Sold # of units units sold Cost per unit Inventory Balance # of units January 1 January 9 Average cost January 9 January 25
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