Required information ABC starts a merchandising business on December 1 and enters Into the following three Inventory purchases. Also, on December 15. ABC sells 25 units for $25 each. Purchases on December 7 15 units e s1e.00 cost 30 units e $15.ee cost 25 units e $18.00 cost Purchases on December 14 Purchases on December 21 Required: ABC sells 25 units for $25 each on December 15. ABC uses a perpetual Inventory system. Determine the costs assigned to ending Inventory when costs are assligned based on the welghted average method. (Round your per unit costs to 2 decim places.) Weighted Average - Perpetual: Goods purchased Cost of Goods Sold #of units sold Inventory Balance #of units Cost per unit Inventory Value Cost per unit Cost of Goods Sold Cost per unit Inventory Balance Date # of units December 7 S 0.00 December 14 S 00 Average cost 0.00 December 15 S 00 December 21 S 0.00 Average cost Totals S 00

Required information ABC starts a merchandising business on December 1 and enters Into the following three Inventory purchases. Also, on December 15. ABC sells 25 units for $25 each. Purchases on December 7 15 units e s1e.00 cost 30 units e $15.ee cost 25 units e $18.00 cost Purchases on December 14 Purchases on December 21 Required: ABC sells 25 units for $25 each on December 15. ABC uses a perpetual Inventory system. Determine the costs assigned to ending Inventory when costs are assligned based on the welghted average method. (Round your per unit costs to 2 decim places.) Weighted Average - Perpetual: Goods purchased Cost of Goods Sold #of units sold Inventory Balance #of units Cost per unit Inventory Value Cost per unit Cost of Goods Sold Cost per unit Inventory Balance Date # of units December 7 S 0.00 December 14 S 00 Average cost 0.00 December 15 S 00 December 21 S 0.00 Average cost Totals S 00

Name: Required InformationABC starts a merchandising business on December 1
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Description: Required InformationABC starts a merchandising business on December 1 and enters Into the following three Inventorypurchases. Also, on December 15. ABC sells 25 units for $25 each.Purchases on December 715 units e $18.00 cost30 units e $15.00 cost25

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 [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 $39 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units@ $25.00 cost 20 units@ $31.00 cost 15 units @ $33.00 cost Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method.
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 10 units @ $20.00 cost 20 units @ $26.00 cost Purchases on December 21 15 units @ $28.00 cost Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method.
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