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A company reports the following beginning inventory and two purchases for the month of January. On January 26, the compa...

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 245 units.
  

Units Unit Cost
Beginning inventory on January 1 400 $ 3.00
Purchase on January 9 120 5.00
Purchase on January 25 175 4.00

rev: 10_22_2018_QC_CS-142492

Required:
Assume the perpetual inventory system is used and then determine the costs assigned to ending inventory when costs are assigned based on the FIFO method.
  

business   accounting   
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Answer #1

End Inventoy eals (cast) Aml) Pusbases Date A ) $1200 3 1200 Tan ol Jan 09 (15 15 Jan 2 120 00 350 3 Jan. 26 5 250 5 I75 $700

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