A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 280 units. Ending inventory at January 31 totals 130 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Date ary 1 me the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned ba LIFO method. ary 9 January 9 ary 25 Goods purchased # of units Units 250 60 100 Cost per # of units unit sold Unit Cost $ 2.30 2.50 2.64 Perpetual LIFO: Cost of Goods Sold Cost per unit Cost of Goods Sold # of units Inventory Balance Cost per unit Inventory Balance $ 0
A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 280 units. Ending inventory at January 31 totals 130 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Date ary 1 me the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned ba LIFO method. ary 9 January 9 ary 25 Goods purchased # of units Units 250 60 100 Cost per # of units unit sold Unit Cost $ 2.30 2.50 2.64 Perpetual LIFO: Cost of Goods Sold Cost per unit Cost of Goods Sold # of units Inventory Balance Cost per unit Inventory Balance $ 0
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please make a LIFO chart
![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 280 units. Ending inventory at January 31 totals 130 units.
Beginning inventory on January 1
Purchase on January 9
Purchase on January 25
Date
uary 1
sume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned bas
LIFO method.
uary 9
| January 9
ary 25
Goods purchased
# of units
Units
250
60
100
Cost per # of units
unit
sold
Unit Cost
$ 2.30
2.50
2.64
Perpetual LIFO:
Cost of Goods Sold
Cost per
unit
Cost of Goods
Sold
# of units
Inventory Balance
Cost per
unit
Inventory
Balance
$
0](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3872d851-27db-40d9-8fe5-69d396345726%2Fe33a6648-e502-4ab3-8bfd-4b478b2526c1%2Ftnbxntr_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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 280 units. Ending inventory at January 31 totals 130 units.
Beginning inventory on January 1
Purchase on January 9
Purchase on January 25
Date
uary 1
sume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned bas
LIFO method.
uary 9
| January 9
ary 25
Goods purchased
# of units
Units
250
60
100
Cost per # of units
unit
sold
Unit Cost
$ 2.30
2.50
2.64
Perpetual LIFO:
Cost of Goods Sold
Cost per
unit
Cost of Goods
Sold
# of units
Inventory Balance
Cost per
unit
Inventory
Balance
$
0
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