Owe 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 30 units for $25 eachTotalPurchases on December 7Purchases on December 14Purchases on December 21Of the units sold, 16 are from the December 7 purchase and 14 are from the December 14 purchase. Determine the costs assigned toending inventory when costs are assigned based on specific identification..PurchasesDecember 7December 14December 2120 units @ $10.00 cost36 units@ $15.00 cost30 units @ $18.00 costGoods Available for SaleCost of GoodsNumber of Cost per Available forunitsunitSale$Specific Identification$0000Cost of Goods SoldNumberof unitssold0Cost Cost ofper unit Goods Sold$0.00 $0.00$000Ending InventoryNumber ofunits inendinginventoryCost per Endingunit Inventory$0.00 $0.000.00$0000

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Description: Owe 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. Al

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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 30 units for $25 each Total Purchases on December 7 Purchases on December 14 Purchases on December 21 Of the units sold, 16 are from the December 7 purchase and 14 are from the December 14 purchase. Determine the costs assigned to -nding inventory when costs are assigned based on specific identification. Purchases December 7 December 14 December 21 20 units @ $10.00 cost 36 units@ $15.00 cost 30 units@ $18.00 cost Goods Available for Sale Cost of Goods Number of Cost per Available for units unit Sale S Specific Identification S 0 0 00 Cost of Goods Sold Number of units sold 0 Cost Cost of per unit Goods Sold $0.00 $ 0.00 $ 0 0 Ending Inventory Number of units in ending inventory Cost per Ending unit Inventory $0.00 $ 0.00 0.00 S 0 0 0 0

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 30 units for $25 each Total Purchases on December 7 Purchases on December 14 Purchases on December 21 Of the units sold, 16 are from the December 7 purchase and 14 are from the December 14 purchase. Determine the costs assigned to -nding inventory when costs are assigned based on specific identification. Purchases December 7 December 14 December 21 20 units @ $10.00 cost 36 units@ $15.00 cost 30 units@ $18.00 cost Goods Available for Sale Cost of Goods Number of Cost per Available for units unit Sale S Specific Identification S 0 0 00 Cost of Goods Sold Number of units sold 0 Cost Cost of per unit Goods Sold $0.00 $ 0.00 $ 0 0 Ending Inventory Number of units in ending inventory Cost per Ending unit Inventory $0.00 $ 0.00 0.00 S 0 0 0 0

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 11RE: Jessie Stores uses the periodic system of calculating inventory. The following information is...

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Jessie Stores uses the periodic system of calculating inventory. The following information is available for December of the current year when Jessie sold 500 units of inventory. Using the FIFO method, calculate Jessies inventory on December 31 and its cost of goods sold for December. RE7-11 Using the information from RE7-10, calculate Jessie Storess inventory on December 31 and its cost of goods sold for December using the LIFO method.
Carla Company uses the perpetual inventory system. The following information is available for January of the current year when Carla sold 1,600 units of inventory on January 14. Using the FIFO method, calculate Carlas cost of goods sold for January and its January 31 inventory.
Palisade Creek Co. is a retail business that uses the perpetual inventory system. The account balances for Palisade Creek as of May 1, 20Y6 (unless otherwise indicated), are as follows: During May, the last month of the fiscal year, the following transactions were completed: Record the following transactions on Page 21 of the journal: Instructions 1. Enter the balances of each of the accounts in the appropriate balance column of a four-column account. Write Balance in the item section, and place a check mark () in the Posting Reference column. Journalize the transactions for May, starting on Page 20 of the journal. 2. Post the journal to the general ledger, extending the month-end balances to the appropriate balance columns after all posting is completed. In this problem, you are not required to update or post to the accounts receivable and accounts payable subsidiary ledgers. 3. Prepare an unadjusted trial balance. 4. At the end of May, the following adjustment data were assembled. Analyze and use these data to complete (5) and (6). 5. (Optional) Enter the unadjusted trial balance on a 10-column end-of-period spreadsheet (work sheet), and complete the spreadsheet. 6. Journalize and post the adjusting entries. Record the adjusting entries on Page 22 of the journal. 7. Prepare an adjusted trial balance. 8. Prepare an income statement, a statement of stockholders equity, and a balance sheet. Assume that additional common stock of 10,000 was issued in January 20Y6. 9. Prepare and post the closing entries. Record the closing entries on Page 23 of the journal. Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. Insert the new balance in the retained earnings account. 10. Prepare a post-closing trial balance.
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Palisade Creek Co. is a merchandising business that uses the perpetual inventory system. The account balances for Palisade Creek Co. as of May 1, 2019 (unless otherwise indicated), are as follows: During May, the last month of the fiscal year, the following transactions were completed: Instructions 1. Enter the balances of each of the accounts in the appropriate balance column of a four-column account. Write Balance in the item section and place a check mark () in the Posting Reference column. Journalize the transactions for May, starting on Page 20 of the journal. 2. Post the journal to the general ledger, extending the month-end balances to the appropriate balance columns after all posting is completed. In this problem, you are not required to update or post to the accounts receivable and accounts payable subsidiary ledgers. 3. Prepare an unadjusted trial balance. 4. At the end of May, the following adjustment data were assembled. Analyze and use these data to complete (5) and (6). 5. (Optional) Enter the unadjusted trial balance on a 10-column end-of-period spreadsheet (work sheet), and complete the spreadsheet. 6. Journalize and post the adjusting entries. Record the adjusting entries on Page 22 of the journal. 7. Prepare an adjusted trial balance. 8. Prepare an income statement, a statement of owners equity, and a balance sheet. 9. Prepare and post the closing entries. Record the closing entries on Page 23 of the journal. Indicate closed accounts by inserting a line in both Balance columns opposite the closing entry. Insert the new balance in the owners capital account. 10. Prepare a post-closing trial balance.
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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 $21 each. Total Purchases on December 7 Purchases on December 14 Purchases on December 21 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 @ $7.00 cost 20 units @ $13.00 cost 15 units @ $15.00 cost # of units Goods Available for Sale 10 20 15 45 Cost per unit $ 7.00 13.00 15.00 Specific Identification Cost of Goods Available for Sale $ $ 70 260 225 555 Cost of Goods Sold # of units sold Cost Cost of per unit Goods Sold 8 $7.00 $ 7 13.00 0: 15 $ 56 91 147 Ending Inventory # of units in ending…
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 $30 each. Total Purchases on December 7 Purchases on December 14 Purchases on December 21 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@ $16.00 cost 20 units@ $22.00 cost 15 units@ $24.00 cost # of units Goods Available for Sale Cost per unit Specific Identification Cost of Goods Available for Sale Cost of Goods Sold # of units sold Cost Cost of per unit Goods Sold Ending Inventory # of units Cost per Ending in ending Inventory inventory unit
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 $30 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 Total 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 $16.00 cost 20 units $22.00 cost 15 units @ $24.00 cost # of units Goods Available for Sale 0 Cost per unit Specific Identification Cost of Goods Available for Sale $ $ 0 0 0 0 Cost of Goods Sold # of units sold 0 Cost Cost of per unit Goods Sold $0.00 $ 0.00 $ 0 0 0 Ending Inventory of units Cost per Ending in ending unit Inventory inventory 0 $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 perpetual inventory system. Also, on December 15, Monson sells 30 units for $50 each. Total Purchases on December 7 Purchases on December 14 Purchases on December 21 of the units sold, 16 are from the December 7 purchase and 14 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 20 units @ $20.00 cost 34 units @ $30.00 cost 30 units @ $36.00 cost Number of units Goods Available for Sale Cost of Goods Available for Sale Cost per unit Specific Identification Cost of Goods Sold Number of units sold Cost Cost of per Goods unit Sold Ending Inventory Number of units in ending inventory Cost per unit Ending Inventory
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
Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 15 units for $20 each. Purchases on December 7 10 units @ $ 6.00 cost Purchases on December 14 20 units @ $12.00 cost Purchases on December 21 15 units @ $14.00 cost Required:Monson sells 15 units for $20 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.