[The following information applies to the questions displayed below.] A company

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 1 250 $ 2.30 Purchase on January 9 60 2.50 Purchase on January 25 100 2.64 5 10.00 points Assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on LIFO. (Round per unit costs to 2 decimal places.) Inventory Balance Cost of Goods # of units #of Cost per Available for units #Of units sold Cost per unit Cost of Goods Sold in ending Cost per Ending unit unit Inventory Sale inven Beg. Inventory January 9 January 25 Total

Explanation / Answer

Periodic LIFO: 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 2.3 575 120 2.3 276 130 2.3 299 Purchases: 9-Jan 60 2.5 150 60 2.5 150 25-Jan 100 2.64 264 100 2.64 264 Total 410 989 280 690 130 299

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