Perpetual: Inventory costing with FIFO P1 A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 350 units. Ending inventory at January 31 totals 150 units. Required Units Unit Cost Beginning inventory on January 1.. Purchase on January 9 Purchase on January 25 320 $3.00 80 3.20 100 3.34 page 229 Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. (Round per unit costs and inventory amounts to cents.)
Perpetual: Inventory costing with FIFO P1 A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 350 units. Ending inventory at January 31 totals 150 units. Required Units Unit Cost Beginning inventory on January 1.. Purchase on January 9 Purchase on January 25 320 $3.00 80 3.20 100 3.34 page 229 Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. (Round per unit costs and inventory amounts to cents.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Perpetual: Inventory costing with FIFO P1
A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 350 units.
Ending inventory at January 31 totals 150 units.
Required
Units
Unit Cost
Beginning inventory on January 1..
Purchase on January 9
Purchase on January 25
320
$3.00
80
3.20
100
3.34
page 229
Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO
method. (Round per unit costs and inventory amounts to cents.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F851d2752-072d-460a-a1d8-2cb438e193a7%2F2271b6ae-aed5-418f-a31f-22ef52d0e308%2Fgveliul_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Perpetual: Inventory costing with FIFO P1
A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 350 units.
Ending inventory at January 31 totals 150 units.
Required
Units
Unit Cost
Beginning inventory on January 1..
Purchase on January 9
Purchase on January 25
320
$3.00
80
3.20
100
3.34
page 229
Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO
method. (Round per unit costs and inventory amounts to cents.)
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