I'm almost done with this problem, but I'm stuck. Please help!
A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 260 units. Ending inventory at January 31 totals 120 units. Units Unit Cost Beginning inventory on January 1 230 $ 2.10 Purchase on January 9 50 2.30 Purchase on January 25 100 2.44 Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on LIFO.
You need to correct the sales transaction entry
Perpetual LIFO: | Goods Purchased | Cost of Goods Sold | Inventory Balance | |||||
# of units | Unit Cost | # of units | Cost per unit | Cost of goods sold | # of units | Cost per unit | Inventory Balance | |
Beginning Inventory Jan.1 | 230 | $2.10 | $483 | |||||
Purchases Jan 9 | 50 | $2.30 | 230 | $2.10 | $483 | |||
50 | $2.30 | $115 | ||||||
$598 | ||||||||
Purchases Jan 25 | 100 | $2.44 | 230 | $2.10 | $483 | |||
50 | $2.30 | $115 | ||||||
100 | $2.44 | $244 | ||||||
$842 | ||||||||
Sales Jan 26 | 110 | $2.10 | $231 | 120 | $2.10 | $252 | ||
50 | $2.30 | $115 | 0 | $2.30 | $0 | |||
100 | $2.44 | $244 | 0 | $2.44 | $0 | |||
260 | $590 | $252 |
I'm almost done with this problem, but I'm stuck. Please help! A company reports the following...
LUMINeducation.com OBLEMS - CHAPTER 5 6 Updates Nou Some update Saved Help Sa A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 260 units. Ending inventory at January 31 totals 120 units. Units 230 Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 50 Unit Cost $ 2.10 2.30 2.44 100 Required: Assume the perpetual inventory system is used. Determine the costs assigned to...
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