Requirea information [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. Purchases on December 7 Purchases on December 14 Purchases on December 21 Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. Date December 7 December 14 Total December 14 Totals December 15 Total December 15 December 21 10 units @ $14.00 cost 20 units @ $20.00 cost 15 units @ $22.00 cost Goods purchased # of units 20 at Cost per unit 10 at $14.00 Cost of Goods Available for Sale 15 at $22.00 $ 20.00 = $ 400.00 || $ 140.00 Perpetual LIFO: $ 330.00 # of units sold Cost of Goods Sold 15 at < Prev Cost per Cost of Goods unit Sold $ 20.00 = 3 4 $ 300.00 $ 300.00 of 8 Inventory Balance # of units 10 at 10 at at 10 at 5 at 10 at 10 at 5 at Next Cost per unit $ 14.00 = $ 14.00 = $ 14.00 = $14.00 = $ 14.00 = $ 14.00 = $ 14.00 = Inventory Balance $140.00 $140.00 $ 140.00 $ 140.00 70.00 $ 210.00 $ 140.00 $ 140.00 $ 70.00 $ 350.00

Requirea information [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. Purchases on December 7 Purchases on December 14 Purchases on December 21 Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. Date December 7 December 14 Total December 14 Totals December 15 Total December 15 December 21 10 units @ $14.00 cost 20 units @ $20.00 cost 15 units @ $22.00 cost Goods purchased # of units 20 at Cost per unit 10 at $14.00 Cost of Goods Available for Sale 15 at $22.00 $ 20.00 = $ 400.00 || $ 140.00 Perpetual LIFO: $ 330.00 # of units sold Cost of Goods Sold 15 at < Prev Cost per Cost of Goods unit Sold $ 20.00 = 3 4 $ 300.00 $ 300.00 of 8 Inventory Balance # of units 10 at 10 at at 10 at 5 at 10 at 10 at 5 at Next Cost per unit $ 14.00 = $ 14.00 = $ 14.00 = $14.00 = $ 14.00 = $ 14.00 = $ 14.00 = Inventory Balance $140.00 $140.00 $ 140.00 $ 140.00 70.00 $ 210.00 $ 140.00 $ 140.00 $ 70.00 $ 350.00

Name: Requirea information[The following information applies to the questio
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Requirea information[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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

compute the number of units in ending inventory
Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 23 units for $30 each. Purchases on December 7 13 units @ $12.00 costPurchases on December 14 30 units @ $18.00 costPurchases on December 21 23 units @ $22.00 cost Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory based on the FIFO method.
Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 28 units for $35 each. Purchases on December 7 18 units @ $14.00 cost Purchases on December 14 33 units @ $21.00 cost Purchases on December 21 28 units @ $25.00 cost Required:Monson sells 28 units for $35 each on December 15. Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory when costs are assigned based on LIFO.
Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 23 units for $30 each. Purchases on December 7 13 units @ $12.00 cost Purchases on December 14 30 units @ $18.00 cost Purchases on December 21 23 units @ $22.00 cost Required:Monson sells 23 units for $30 each on December 15. Monson uses a perpetual inventory system. 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.)
Please help with this solution
Journalize the transactions of a merchandising business using the periodic inventory system.
Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 30 units for $25 each. Purchases on December 7 20 units @ $10.00 cost Purchases on December 14 36 units @ $15.00 cost Purchases on December 21 30 units @ $18.00 cost
Transactions Aug. 1 Aug. 3 Aug. 12 Beginning merchandise inventory, 17 books $21 each Sold 5 books @ $25 each Purchased 12 books @ $23 each Aug. 15 Sold 15 books @ $25 each Aug. 20 Purchased 3 books @ $26 each Aug. 28 Sold 8 books @ $26 each Print Done Х ... b. Determine the cost of goods sold and ending merchandise inventory by preparing a perpetual inventory record using the FIFO inventory costing method. Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first.) Purchases Cost of Goods Sold Inventory on Hand Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Aug. 1 3 12 15 20 20 Totals 28 Requirements a.…
Required information [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 $34 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units @ $20.00 cost 20 units @ $26.00 cost 15 units @ $28.00 cost 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. Specific Identification Goods Available for Sale Cost of Goods Sold Ending Inventory Cost per unit Cost of Goods Available for Sale # of units sold Cost of per unit Goods Sold # of units Cost per in ending inventory Cost # of units unit Inventory Purchases: December 7 December 14 December 21 Total
Current Attempt in Progress Suppose that Sandhill Natural Cosmetics Company began business and made the following four inventory purchases in June: A June 11 147 units June 10 June 151 196 units 196 units June 28 147 units O $1470. O $1568. O $1715. O $1569. $882 1372 1568 1323 $5145 The company uses a periodic inventory system. A physical count of merchandise inventory on June 30 reveals that there are 196 units on hand. Using the average-cost method, the amount allocated to the ending inventory on June 30 is
Patricia's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Patricia's purchases of Xpert snowboards during September is shown below. During the same month, 125 Xpert snowboards were sold. Patricia's uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 (a) Explanation Units Inventory Purchases Purchases Purchases Totals 30 45 Cost of goods sold 20 50 145 Unit Cost The ending inventory at September 30 $96 100 102 103 $ Total Cost $ $2,880 4,500 Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods. 2,040 5,150 $14,570 FIFO $ $ LIFO
Wildhorse sells a snowboard, EZslide, that is popular with snowboard enthusiasts. The following is information relating to Wildhorse's purchases of EZslide snowboards during September. During the same month, 103 EZslide snowboards were sold. Wildhorse uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 Explanation Units Inventory Purchases Purchases Purchases Totals 11 The ending inventory at September 30 Cost of goods sold 45 48 22 126 Unit Cost $102 105 106 107 Total Cost $1,122 Compute the ending inventory at September 30 and the cost of goods sold using the FIFO, LIFO, and average-cost methods. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to O decimal places, e.g. 5,125.) 4,725 5,088 2,354 $13,289 FIFO LIFO Average-cost