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 Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 320 70 100 Unit Cost $ 3.10 3.30 3.40 Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on LIFO.

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 Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 320 70 100 Unit Cost $ 3.10 3.30 3.40 Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on LIFO.

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 sells360 units. Ending inventory at January 31 totals 130 units.Unit CostBeginning inventory on January 1Purchase on January 9

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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Can you please explain how to get the Cost of Goods Solds category using LIFO?
Haresh
A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 330 units. Ending inventory at January 31 totals 140 units. Units Unit Cost Beginning inventory on January 1 300 $ 2.80 Purchase on January 9 70 3.00 Purchase on January 25 100 3.14 Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method.
Fill in the table. Determine the cost assigned to ending inventory and to cost of goods sold using weighted average.
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Subject - account Please help me. Thankyou.
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