Determine the costs assigned to ending inventory

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Reference no: EM132823403

Question - A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 340 units. Ending inventory at January 31 totals 140 units.

Units Unit Cost

Beginning inventory on January 1310 $2.90

Purchase on January 970 3.10

Purchase on January 25100 3.24

Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method.

Reference no: EM132823403

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