? e | Dnewconnect.mheducation.com/flow/connect.html Chapter 6- Homework 3 A comp

Question

? e | Dnewconnect.mheducation.com/flow/connect.html Chapter 6- Homework 3 A company reports the following beginning Inventory and two purchases for the month of January. On January 26, the company sells 430 units Ending Inventory at January 31 totals 170 units 10 Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 90 126 $ 3.88 4.00 4.10 Assume the perpetual Inventory system is used. Determine the costs assigned to ending Inventory when costs are assigned based on LIFO Perpetual LIFO ty Balance #of Print units Cost per Cost of sold #of Date # of units Cost per | Inventory unit Goods Sold! unit 303.80 1.482 January e oes 4.00 90$ 380 S1.482 380 5 1.842 0 S 4.00 anuary 25 390 S 380 S1.482 0 400 380 January 28 s 4.00 380 O Type here to search

Explanation / Answer

Schedule :

390

90

3.80

4

1482

360

390

90

120

3.8

4

4.10

1482

360

492

120

90

220

4.10

4

3.80

492

360

836

Cost of goods sold = 1688

Ending inventory = 646

Date # of units cost per unit # of units sold Cost per unit Cost of goods sold # of units Cost per unit Inventory balance Jan 1 390 3.80 1482 Jan 9 90 4

390

90

3.80

4

1482

360

Jan 25 120 4.10

390

90

120

3.8

4

4.10

1482

360

492

Jan 26

120

90

220

4.10

4

3.80

492

360

836

170 3.8 646

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