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. Determine the
costs assigned to ending inventory when costs are assigned based on the FIFO
method
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