Use the following information for the Quick Study below. (Algo) (5-7)
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A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 360 units. Ending inventory at January 31 totals 130 units.
Units Unit Cost
Beginning inventory on January 1 320 $ 3.10
Purchase on January 9 70 3.30
Purchase on January 25 100 3.40
QS 6-6 (Algo) Perpetual: Inventory costing with LIFO LO P1
Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method.
