Question - A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 370 units. Ending inventory at January 31 totals 150 units.
|
|
Units
|
Unit Cost
|
|
Beginning inventory on January 1
|
330
|
$3.20
|
|
Purchase on January 9
|
80
|
3.40
|
|
Purchase on January 25
|
110
|
3.50
|
Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on LIFO.