A company reports the following beginning inventory and two purchases for the month of January. On January
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Question:
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.
| Units | Unit Cost | |
| Beginning inventory on January 1 | 250 | $ 2.30 |
| Purchase on January 9 | 60 | 2.50 |
| Purchase on January 25 | 100 | 2.64 |
Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on LIFO.
Expert Answer:
Solution GOODS PURCHASED COST OF GOODS SOLD INVENTORY BALANCE DATE OF UNITS COST ... View the full answer
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