A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 440 units. Ending inventory at January 31 totals 170 units. Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on LIFO. Perpetual LIFO:Cost of Goods Sold# ofGoods purchasedInventory Balance# ofunitsCost perunitCost per Cost of GoodsunitCost perInventoryBalanceDateunits# of unitsSoldunitsoldJanuary 1400 @$ 3.90$1,560January 990 @$4.10400 @$3.90 =1,56090 @$ 4.10 =369$1,929January 25120 @$4.20400 @3.90$1,56090 @$ 4.10 =369120 @$ 4.20 =504$2,433January 26120 @2$4.20 =2$504@2$3.90 =90 @$4.10 =369$ 4.10 =@$ 3.90@$ 4.20Totals2$873

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Description: A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 440 units. Ending inventory at January 31 totals 170 units. Assume the perpetual inventory system is used. Determine the

LIFO is the last in first out inventory valuation method which says that inventory which is…

Business

Accounting

A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 440 units. Ending inventory at January 31 totals 170 units. Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on LIFO.

A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 440 units. Ending inventory at January 31 totals 170 units. Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on LIFO.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 4PB: Calculate the cost of goods sold dollar value for B74 Company for the sale on November 20,...

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