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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

Financial Accounting: The Impact on Decision Makers
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter5: Inventories And Cost Of Goods Sold
Section: Chapter Questions
Problem 5.11E: Inventory Costing Methods VanderMeer Inc. reported the following information for the month of...
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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
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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