Homework Help is Here – Start Your Trial Now!
Business
Accounting
A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 340 units. Ending inventory at January 31 totals 140 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Perpetual LIFO: Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on LIFO. Date January 11 January 9 January 25 January 26 Totals Goods purchased # of units Cost per unit 70 @ $ 3.10 100 @ $ 3.24 # of units sold Units 310 70 100 Unit Cost $ 2.90 3.10 3.24 100 @ 70 @ 170 @ Cost of Goods Sold Cost per Cost of Goods unit Sold $3.24 = $ $3.10 = $ 2.90 = $ 324 217 493 1,034 Inventory Balance # of units 310 @ 310 @ 70 @ 310 @ 70 @ 100 @ Cost per Inventory unit Balance $ $2.90 = $ $2.90 = $3.10 = $2.90 = $ 3.10 = $3.24 = $2.90 = @ @ $ 3.10 = (@ $ 3.24 $ $ $ 899 899 217 1,116 899 217 324 1,440

A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 340 units. Ending inventory at January 31 totals 140 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Perpetual LIFO: Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on LIFO. Date January 11 January 9 January 25 January 26 Totals Goods purchased # of units Cost per unit 70 @ $ 3.10 100 @ $ 3.24 # of units sold Units 310 70 100 Unit Cost $ 2.90 3.10 3.24 100 @ 70 @ 170 @ Cost of Goods Sold Cost per Cost of Goods unit Sold $3.24 = $ $3.10 = $ 2.90 = $ 324 217 493 1,034 Inventory Balance # of units 310 @ 310 @ 70 @ 310 @ 70 @ 100 @ Cost per Inventory unit Balance $ $2.90 = $ $2.90 = $3.10 = $2.90 = $ 3.10 = $3.24 = $2.90 = @ @ $ 3.10 = (@ $ 3.24 $ $ $ 899 899 217 1,116 899 217 324 1,440

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Topic Video
Question

Please don't give image with solutions thanku

A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 340 units. Ending inventory at January 31 totals 140 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Perpetual LIFO: Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on LIFO. Date January 1 January 9 January 25 January 26 Totals Goods purchased # of Cost per units unit 70 @ $ 3.10 100 @ $ 3.24 # of units sold Units 310 70 100 100 @ 70 @ 170 @ www Unit Cost $ 2.90 3.10 3.24 Cost of Goods Sold Cost per Cost of Goods unit Sold $ 3.24 = $ 3.10 = $2.90 = $ $ 324 217 493 1,034 Inventory Balance # of units 310 @ 310 @ 70 @ 310 @ 70 @ 100 @ Cost per Inventory unit Balance $2.90 = $2.90 = $ 3.10 = $ $ $ 2.90 = 3.10 = 3.24 = @ $ 2.90 = @ $ 3.10 = @ $ 3.24 $ $ $ $ $ 899 899 217 1,116 899 217 324 1,440
Transcribed Image Text:A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 340 units. Ending inventory at January 31 totals 140 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Perpetual LIFO: Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on LIFO. Date January 1 January 9 January 25 January 26 Totals Goods purchased # of Cost per units unit 70 @ $ 3.10 100 @ $ 3.24 # of units sold Units 310 70 100 100 @ 70 @ 170 @ www Unit Cost $ 2.90 3.10 3.24 Cost of Goods Sold Cost per Cost of Goods unit Sold $ 3.24 = $ 3.10 = $2.90 = $ $ 324 217 493 1,034 Inventory Balance # of units 310 @ 310 @ 70 @ 310 @ 70 @ 100 @ Cost per Inventory unit Balance $2.90 = $2.90 = $ 3.10 = $ $ $ 2.90 = 3.10 = 3.24 = @ $ 2.90 = @ $ 3.10 = @ $ 3.24 $ $ $ $ $ 899 899 217 1,116 899 217 324 1,440
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting for Merchandise Inventory
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS