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 350 units. Ending inventory at January 31 totals 150 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Beginning Inventory Purchases: Assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. Note: Round your per unit costs to 2 decimal places. January 9 Units 320 80 100 Cost of Goods Available for Sale Cost of Goods Available for Sale Number of units Cost per unit Unit Cost $ 3.00 3.20 3.34 Periodic LIFO Cost of Goods Sold Number of units sold Cost per unit Cost of Goods Sold Inventory Balance Number of units in ending inventory Cost per unit Ending Inventory
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 350 units. Ending inventory at January 31 totals 150 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Beginning Inventory Purchases: Assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. Note: Round your per unit costs to 2 decimal places. January 9 Units 320 80 100 Cost of Goods Available for Sale Cost of Goods Available for Sale Number of units Cost per unit Unit Cost $ 3.00 3.20 3.34 Periodic LIFO Cost of Goods Sold Number of units sold Cost per unit Cost of Goods Sold Inventory Balance Number of units in ending inventory Cost per unit Ending Inventory
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 350 units. Ending inventory at January 31 totals 150 units.
Beginning inventory on January 1
Purchase on January 9
Purchase on January 25
Beginning Inventory
Purchases:
Assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on
the LIFO method.
Note: Round your per unit costs to 2 decimal places.
January 9
Cost of Goods Available for Sale
Number
of units
Units
320
80
100
Cost per
unit
Cost of Goods
Available for
Sale
Unit Cost
$ 3.00
3.20
3.34
Periodic LIFO
Cost of Goods Sold
Number of
units sold
Cost per
unit
Cost of
Goods Sold
Inventory Balance
Number of
units in
ending
inventory
Cost per
unit
Ending
Inventory](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe82db811-53d0-4f88-b29a-aa79559eb256%2Fc8826b14-5a23-45e0-bc6c-ccd06dd7673f%2F3jxesjj_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 350 units. Ending inventory at January 31 totals 150 units.
Beginning inventory on January 1
Purchase on January 9
Purchase on January 25
Beginning Inventory
Purchases:
Assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on
the LIFO method.
Note: Round your per unit costs to 2 decimal places.
January 9
Cost of Goods Available for Sale
Number
of units
Units
320
80
100
Cost per
unit
Cost of Goods
Available for
Sale
Unit Cost
$ 3.00
3.20
3.34
Periodic LIFO
Cost of Goods Sold
Number of
units sold
Cost per
unit
Cost of
Goods Sold
Inventory Balance
Number of
units in
ending
inventory
Cost per
unit
Ending
Inventory
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