[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 Date January 1 January 9 Total January 9 Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. January 25 Total January 25 January 26 Total January 26 Goods purchased # of units Cost per unit Units 320 80 100 # of units sold Unit Cost $ 4.50 4.70 4.84 Perpetual FIFO: Cost of Goods Sold Cost per Cost of Goods unit Sold Inventory Balance Cost per unit # of units Inventory Balance

[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 Date January 1 January 9 Total January 9 Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. January 25 Total January 25 January 26 Total January 26 Goods purchased # of units Cost per unit Units 320 80 100 # of units sold Unit Cost $ 4.50 4.70 4.84 Perpetual FIFO: Cost of Goods Sold Cost per Cost of Goods unit Sold Inventory Balance Cost per unit # of units Inventory Balance

Name: Nn.109.Subject :- Accounting [The following information applies to the
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Description: Nn.109.Subject :- Accounting [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, thecompany sells 350 units. Ending invent

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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