LUMINeducation.com OBLEMS - CHAPTER 5 6 Updates Nou Some update Saved Help Sa A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 260 units. Ending inventory at January 31 totals 120 units. Units 230 Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 50 Unit Cost $ 2.10 2.30 2.44 100 Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. Perpetual FIFO: Goods purchased Cost of Goods Sold Date Inventory Balance Inventory unit Balance of units Cost per unit of units Cost per Cost of Goods of units Cost per Sold units sold January 1 50 @ 230 @ 50 @ @ $ 483.00 $ 105.00 $ $ $ $ January 9 2.30 2.10 - 2.10 - 2.30 $ 105.00 $ 483.00 | January 25 100 @ $ 244 230 @ 50 100 @ $ 2.10 - $ 230 - $ 2.44 - 244.00 $ 842.00 $ 230 @ 2.10 - $ 483.00 @ S 2.10 | January 26 Prey 1 of 3 Next >