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Determine the costs assigned to ending inventory

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Question - A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 370 units. Ending inventory at January 31 totals 150 units.

 

Units

Unit Cost

Beginning inventory on January 1

330

$3.20

Purchase on January 9

80

3.40

Purchase on January 25

110

3.50

Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on LIFO.

Reference no: EM131695839

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