A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 450 units. Ending inventory at January 31 totals 170 units.

Units Unit Cost
Beginning inventory on January 1 410 $4.00
Purchase on January 9 90 4.20
Purchase on January 25 120 4.30

Required:
Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method.

Question

04-11-2021
Business

Answered

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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 450 units. Ending inventory at January 31 totals 170 units.

Units Unit Cost
Beginning inventory on January 1 410 $4.00
Purchase on January 9 90 4.20
Purchase on January 25 120 4.30

Required:
Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method.

Sagot :

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