A company reports the following beginning inventory and purchases for the month of January. On January 26, the company sells 350 units. 150 units remain in ending inventory at January 31.
|
Units |
Unit Cost |
| Beginning inventory on January 1 |
320 |
$ |
3.00 |
| Purchase on January 9 |
80 |
|
3.20 |
| Purchase on January 25 |
100 |
|
3.34 |
|
Required:
Assume the perpetual inventory system is used and then determine the costs assigned to endinginventory when costs are assigned based on the FIFO method.
Calculate the Cost of Goods Sold - January 26
Calculate Inventory Balance