please help with all working and steps answer in text thank you so much Datear 7ir 14Required informationcember 14ar 15cember 15ar 21Goods PurchasedCost PerUnit10 at $ 24.0020 at $ 30.00# of UnitsGoodsPurchased=$ 240,00$ 600.00Perpetual FIFO:# ofUnitsSoldCost of Goods SoldCost Per Cost of GoodsUnitSoldInventory BalanceCost PerUnit10 at $24.00#of Units20 at $30.00 =neck my workInventoryBalance$ 240.00$ 600.00$ 600.00 Required informationUse the following information for the Quick Study below. (Algo) (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 threeinventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells15 units for $38 each.Purchases on December 7Purchases on December 14Purchases on December 21QS 5-11 (Algo) Perpetual: Assigning costs with FIFO LO P1Required:Determine the costs assigned to the December 31 ending inventory based on the FIFO method.DateDenember?10 units @ $24.00 cost20 units @ $30.00 cost15 units@ $32.00 cost# of UnitsGoods PurchasedCost PerUnit€ 240l10 tGoodsPurchasedPerpetual FIFO:€ 24000!co# ofUnitsSoldCost of Goods SoldCost Per Cost of GoodsSoldUnitInventory Balance#of Units10latCost Per InventoryUnitBalance€ 2400€ 2400

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Description: please help with all working and steps answer in text thank you so much Datear 7ir 14Required informationcember 14ar 15cember 15ar 21Goods PurchasedCost PerUnit10 at $ 24.0020 at $ 30.00# of UnitsGoodsPurchased=$ 240,00$ 600.00Perpetual FIFO:# ofUnit

Lets understand the basics.There are various method followed for calculating cost of goods sold and…

Business

Accounting

Date er 7 ir 14 cember 14 Goods Purchased Cost Per Unit 10 at $ 24.00 # of Units 20 at $ 30.00 Goods Purchased $ 240.00 $ 600.00 Perpetual FIFO: # of Units Sold Cost of Goods Sold Cost Per Cost of Goods Unit Sold Inventory Balance Cost Per Unit # of Units 10 at 20 at $ 24.00- $30.00- Inventory Balance $ 240.00 $ 600.00 $ 600.00

Date er 7 ir 14 cember 14 Goods Purchased Cost Per Unit 10 at $ 24.00 # of Units 20 at $ 30.00 Goods Purchased $ 240.00 $ 600.00 Perpetual FIFO: # of Units Sold Cost of Goods Sold Cost Per Cost of Goods Unit Sold Inventory Balance Cost Per Unit # of Units 10 at 20 at $ 24.00- $30.00- Inventory Balance $ 240.00 $ 600.00 $ 600.00

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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Required information Use the following information for the Quick Study below. (Algo) (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 $32 each. Total Purchases on December 7 Purchases on December 14 Purchases on December 21 QS 5-14 (Algo) Perpetual: Inventory costing with specific identification LO P1 Of the units sold, 8 are from the December 7 purchase and 7 are from the December 14 purchase. Determine the costs assigned to ending inventory when costs are assigned based on specific identification. Purchases: December 7 December 14 December 21 10 units @ $18.00 cost 20 units@ $24.00 cost 15 units@ $26.00 cost # of units Goods Available for Sale 10 20 15 45 Cost per unit Specific Identification Cost of Goods Available for Sale $ 18.00 $ 24.00 26.00 $ 180…
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Required information Use the following information for the Quick Study below. (Algo) (11-14) Skip to question [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 $27 each. Purchases on December 7 10 units @ $13.00 cost Purchases on December 14 20 units @ $19.00 cost Purchases on December 21 15 units @ $21.00 cost QS 5-14 (Algo) Perpetual: Inventory costing with specific identification LO P1 Of the units sold, eight are from the December 7 purchase and seven are from the December 14 purchase. Determine the costs assigned to ending inventory when costs are assigned based on specific identification.
Required information Use the following information for the Quick Study below. (Algo) (11-14) Skip to question [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 $27 each. Purchases on December 7 10 units @ $13.00 cost Purchases on December 14 20 units @ $19.00 cost Purchases on December 21 15 units @ $21.00 cost QS 5-12 (Algo) Perpetual: Inventory costing with LIFO LO P1 Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method.
Use the following information for the Quick Study below. (Algo) (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 $32 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units @ $18.00 cost 20 units @ $24.00 cost 15 units @ $26.00 cost QS 5-11 (Algo) Perpetual: Assigning costs with FIFO LO P1 Required: Determine the costs assigned to the December 31 ending inventory based on the FIFO method.
Use the following information for the Quick Study below. (Algo) (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 $28 each. Total Purchases on December 7 Purchases on December 14 Purchases on December 21 QS 6-14 (Algo) Perpetual: Inventory costing with specific identification LO P1 Of the units sold, 8 are from the December 7 purchase and 7 are from the December 14 purchase. Determine the costs assigned to ending inventory when costs are assigned based on specific identification. Purchases: December 7 December 14 December 21 # of units Goods Available for Sale 10 20 15 45 10 units @ $14.00 cost 20 units @ $20.00 cost 15 units @ $22.00 cost Cost per unit $14.00 20.00 22.00 Specific Identification Cost of Goods Available for Sale $ $ 140 400 330 870 Cost of…
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Use the following information for the Quick Study below. (Algo) (11-14) Skip to question [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 $31 each. Purchases on December 7 10 units @ $17.00 cost Purchases on December 14 20 units @ $23.00 cost Purchases on December 21 15 units @ $25.00 cost QS 5-12 (Algo) Perpetual: Inventory costing with LIFO LO P1 Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method.
Use the following information for the Quick Study below. (Algo) (11-14) Skip to question [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 $31 each. Purchases on December 7 10 units @ $17.00 cost Purchases on December 14 20 units @ $23.00 cost Purchases on December 21 15 units @ $25.00 cost QS 5-14 (Algo) Perpetual: Inventory costing with specific identification LO P1 Of the units sold, eight are from the December 7 purchase and seven are from the December 14 purchase. Determine the costs assigned to ending inventory when costs are assigned based on specific identification.
Use the following information for the Quick Study below. (Algo) (11-14) Skip to question [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 $31 each. Purchases on December 7 10 units @ $17.00 cost Purchases on December 14 20 units @ $23.00 cost Purchases on December 21 15 units @ $25.00 cost QS 5-13 (Algo) Perpetual: Inventory costing with weighted average LO P1 Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Round your per unit costs to 2 decimal places.)
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