Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. a company reports the following beginning inventor

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

90.2K

Verified Solution

Question

Accounting

A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 250 units. Ending inventory at January 31 totals 130 units.

Units Unit Cost
Beginning inventory on January 1 230 $ 2.00
Purchase on January 9 50 2.20
Purchase on January 25 100 2.34

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

Periodic LIFO Cost of Goods Available for Sale Cost of Goods Sold Inventory Balance
# of units Cost per unit Cost of Goods Available for Sale # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory
Beg. Inventory
Purchases:
January 9
January 25
Total

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students