Homework Help is Here – Start Your Trial Now!
Business
Accounting
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 periodic inventory system. Also, on December 15, Monson sells 18 units for $10 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 8 units $4.00 cost 26 units $6.00 cost 18 units $7.00 cost Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. Periodic LIFO

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 periodic inventory system. Also, on December 15, Monson sells 18 units for $10 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 8 units $4.00 cost 26 units $6.00 cost 18 units $7.00 cost Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. Periodic LIFO

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Topic Video
Question

Please do not give solution in image format thanku 

Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. Note: Round cost per units to 2 decimal places. Purchases: December 7 December 14 December 21 Total Goods Available for Sale of units 0 Cost per unit Weighted average - Periodic Cost of Goods Available for Sale $ Cost of Goods Sold Average Cost per Unit # of units sold Cost of Goods Sold $ 0.00 # of units in ending inventory Ending Inventory Average Cost per unit Ending Inventory $ 0.00
Transcribed Image Text:Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. Note: Round cost per units to 2 decimal places. Purchases: December 7 December 14 December 21 Total Goods Available for Sale of units 0 Cost per unit Weighted average - Periodic Cost of Goods Available for Sale $ Cost of Goods Sold Average Cost per Unit # of units sold Cost of Goods Sold $ 0.00 # of units in ending inventory Ending Inventory Average Cost per unit Ending Inventory $ 0.00
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 periodic inventory system. Also, on December 15, Monson sells 18 units for $10 each. Purchases: 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. Total December 7 December 14 December 21 # of units Cost of Goods Available for Sale Cost of Goods Available for Sale Cost per unit 8 units $4.00 cost 26 units $6.00 cost 18 units $7.00 cost $ $ Periodic LIFO: 0 0 0 0 Cost of Goods Sold # of units sold 0 Cost Cost of per unit Goods Sold $9.00 4 $ 0 Inventory Balance # of units in ending inventory 0 Cost per Ending unit Inventory $0.00 $ 0.00 $ 0 0 0
Transcribed Image Text: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 periodic inventory system. Also, on December 15, Monson sells 18 units for $10 each. Purchases: 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. Total December 7 December 14 December 21 # of units Cost of Goods Available for Sale Cost of Goods Available for Sale Cost per unit 8 units $4.00 cost 26 units $6.00 cost 18 units $7.00 cost $ $ Periodic LIFO: 0 0 0 0 Cost of Goods Sold # of units sold 0 Cost Cost of per unit Goods Sold $9.00 4 $ 0 Inventory Balance # of units in ending inventory 0 Cost per Ending unit Inventory $0.00 $ 0.00 $ 0 0 0
Expert Solution
steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting for Merchandise Inventory
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS