A company reports the following beginning inventory and two purchases for the month of January. On...

 

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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 Units 320 Unit Cost $ 3.00 Purchase on January 9 80 Purchase on January 25 100 3.20 3.34 ssume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned ased on the LIFO method. 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 Units 320 Unit Cost $ 3.00 Purchase on January 9 80 Purchase on January 25 100 3.20 3.34 ssume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned ased on the LIFO method.

Answer rating: 100% (QA)

To determine the costs assigned to the ending inventory using the LastIn FirstOut LIFO method we ass... View the full answer