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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.
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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: |
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Assume the perpetual inventory system is used and then determine the costs assigned to endinginventory when costs are assigned based on the FIFO method.
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Calculate the COst of Goods Sold - January 26,Calculate Inventory Balance