Subject: accounting 4&5 iRequired 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, thecompany sells 350 units. Ending inventory at January 31 totals 150 units.Beginning inventory on January 1Purchase on January 9Purchase on January 25DateJanuary 1Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned bathe LIFO method.January 9Total January 9January 25Total January 25January 26Total January 26Goods purchased# of unitsUnits32080100Unit Cost$ 4.504.704.84Cost per # of unitsunitsoldSavedPerpetual LIFO:Cost of Goods SoldCost per Cost of GoodsunitSold# of unitsInventory BalanceCost perunitInventoryBalance

Name: Subject: accounting 4&5 iRequired information[The following informatio
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Subject: accounting 4&5 iRequired 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, thecompany sells 350 unit

Under Perpetual inventory system the inventory and cost of goods sold is updated simultaneously.…

Business

Accounting

A company reports the following beginning inventory and two purchases for the month of January. On January 26, 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 Date sume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assign LIFO method. anuary 1 anuary 9 tal January 9 anuary 25 tal January 25 anuary 26 otal January 26 Goods purchased # of units Units 320 80 100 Unit Cost $ 4.50 4.70 4.84 Cost per # of units sold unit Perpetual LIFO: Cost of Goods Sold Cost per Cost of Goods unit Sold # of units Inventory Balance Cost per Inventory unit Balance