A company reports the following beginning inventory and 2 purchases for the month of January. On January 26, the company sells 350 units. Ending inventory at January 31 totals 150 units Units Unit Cost Beginning Inventory 320 units $10.00 Purchases on January 9 80 5.20 Purchases on January 25 100 5.54 Required Assume the perpetual inventory system is used. Determine the costs assigned to the ending inventory when costs are assigned based on: The LIFO Method
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