The following information applies to the questions displayed below) A company re

Question

The following information applies to the questions displayed below) A company reports the following beginning inventory and purchases for the month of January. On January 26, the company sells 280 units. 130 units remain in ending inventory at January 31. Units Unit Cost Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 250 60 100 $2.30 2.50 2.64 Required information 10.00 points Required Assume the periodic inventory system is used and then determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. (Round per unit costs to 2 decimal places. # of units Cost ofin ending Cost of Goods | #of Cost per Available for units # of units sold Cost per Cost per ing unit Sale unit Goods Sold unitInventory Beg. Inventory 250 $2.30S 575 S 2.30S S 2.30$ 150 January 9 January 25 60 100 410 2.50 2.50 2.50 2.64 2.64 2.64 Total

Explanation / Answer

Periodic FIFO: Cost of goods available for sale Cost of goods sold Inventory balance # of units Cost per unit Total # of units Cost per unit Total # of units Cost per unit Total Beg. Inventory 250 2.3 575 250 2.3 575 0 Purchases: 9-Jan 60 2.5 150 30 2.5 75 30 2.5 75 25-Jan 100 2.64 264 0 100 2.64 264 Total 410 989 280 650 130 339

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