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7. (ANSWER EVERYTHING THAT HAS BLUE BORDER AROUND THE COLUMN) Required information Use the following information for the Quick Study below. (Static) (11-14) [The following information applies to the questions displayed below.] Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases Monson uses a perpetual inventory system. Also, on December 15, Monson sells 15 units for $20 each. Purchases on December 7 Purchases on December 14 10 units @ $ 6 cost 20 units @ $12 cost Purchases on December 21 15 units @$14 cost QS 5-12 (Static) Perpetual: Inventory costing with LIFO LO P1 Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method.

7. (ANSWER EVERYTHING THAT HAS BLUE BORDER AROUND THE COLUMN) Required information Use the following information for the Quick Study below. (Static) (11-14) [The following information applies to the questions displayed below.] Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases Monson uses a perpetual inventory system. Also, on December 15, Monson sells 15 units for $20 each. Purchases on December 7 Purchases on December 14 10 units @ $ 6 cost 20 units @ $12 cost Purchases on December 21 15 units @$14 cost QS 5-12 (Static) Perpetual: Inventory costing with LIFO LO P1 Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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7. (ANSWER EVERYTHING THAT HAS BLUE BORDER AROUND THE COLUMN) Required information Use the following information for the Quick Study below. (Static) (11-14) [The following information applies to the questions displayed below.] Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 15 units for $20 each. Purchases on December 7 Purchases on December 14 10 units @ $ 6 cost 20 units @ $12 cost Purchases on December 21 15 units @ $14 cost QS 5-12 (Static) Perpetual: Inventory costing with LIFO LO P1 Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. Perpetual LIFO: Goods purchased Cost of Goods Sold Inventory Balance Date # of units Cost per unit Cost of Goods Available for Sale # of units sold Cost per Cost of Goods unit Sold # of units Cost per Inventory unit Balance December 7 10 at $ 6.00 = $ 60.00 10 at $ 6.00 = $ 60.00 20 at $12.00 = $ 240.00 20 at $ 12.00 = $ 240.00 December 14 10 at $ 6.00 = Total December 14 60.00 $ 300.00 December 15 Total December 15 December 21 Totals 15 at $ 14.00 = $ 210.00 15 at 10 $ 6.00 = 60.00 $ 60.00 10 at $ 6.00 = 69 $ 60.00 15 at $14.00 = 210.00 at $ 270.00
Transcribed Image Text:7. (ANSWER EVERYTHING THAT HAS BLUE BORDER AROUND THE COLUMN) Required information Use the following information for the Quick Study below. (Static) (11-14) [The following information applies to the questions displayed below.] Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 15 units for $20 each. Purchases on December 7 Purchases on December 14 10 units @ $ 6 cost 20 units @ $12 cost Purchases on December 21 15 units @ $14 cost QS 5-12 (Static) Perpetual: Inventory costing with LIFO LO P1 Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. Perpetual LIFO: Goods purchased Cost of Goods Sold Inventory Balance Date # of units Cost per unit Cost of Goods Available for Sale # of units sold Cost per Cost of Goods unit Sold # of units Cost per Inventory unit Balance December 7 10 at $ 6.00 = $ 60.00 10 at $ 6.00 = $ 60.00 20 at $12.00 = $ 240.00 20 at $ 12.00 = $ 240.00 December 14 10 at $ 6.00 = Total December 14 60.00 $ 300.00 December 15 Total December 15 December 21 Totals 15 at $ 14.00 = $ 210.00 15 at 10 $ 6.00 = 60.00 $ 60.00 10 at $ 6.00 = 69 $ 60.00 15 at $14.00 = 210.00 at $ 270.00
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