! Required information [The following information applies to the questions displayed below.] 14 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 15 units for $20 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. Purchases: 21 Total December 7 December December Cost of Goods Available for Sale Cost of Goods Available for Sale # of units Cost per unit 10 $6.00 20 12.00 15 45 14.00✔ 10 units @ $6 cost 20 units @ $12 cost 15 units @ $14 cost $ $ 60 240 210 510 Answer is not complete. Periodic LIFO: Cost of Goods Sold # of units sold Cost per unit 15 14.00 15 Cost of Goods Sold $ 69 69 $ 210 210 Inventory Balance # of units in ending inventory 0 Cost per unit $6.00 12.00 Ending Inventory $ $ 0 0 0
! Required information [The following information applies to the questions displayed below.] 14 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 15 units for $20 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. Purchases: 21 Total December 7 December December Cost of Goods Available for Sale Cost of Goods Available for Sale # of units Cost per unit 10 $6.00 20 12.00 15 45 14.00✔ 10 units @ $6 cost 20 units @ $12 cost 15 units @ $14 cost $ $ 60 240 210 510 Answer is not complete. Periodic LIFO: Cost of Goods Sold # of units sold Cost per unit 15 14.00 15 Cost of Goods Sold $ 69 69 $ 210 210 Inventory Balance # of units in ending inventory 0 Cost per unit $6.00 12.00 Ending Inventory $ $ 0 0 0
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter5: Inventories And Cost Of Goods Sold
Section: Chapter Questions
Problem 5.11E: Inventory Costing Methods VanderMeer Inc. reported the following information for the month of...
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Required information
[The following information applies to the questions displayed below.]
14
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 15 units for $20 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.
Purchases:
21
Total
December 7
December
December
Cost of Goods Available for Sale
Cost of
Goods
Available
for Sale
# of
units
10 $6.00
12.00
20
Cost
per
unit
15
45
14.00
10 units @ $6 cost
20 units @ $12 cost
15 units @ $14 cost
$
$
60
240
210
510
Periodic LIFO:
Cost of Goods Sold
# of
units
sold
X Answer is not complete.
15
15
Cost
per
unit
14.00
Cost of
Goods
Sold
$ 210
210
GA GA
$
Inventory Balance
# of units
in ending
inventory
0
Cost
per
unit
$6.00
12.00
Ending
Inventory
$
$
0
0
0](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F90966b19-1298-452c-bc4b-a82f7f9ee8a3%2Fdc383e5d-ee26-4787-87fe-655ba865dc04%2Fymh98z_processed.png&w=3840&q=75)
Transcribed Image Text:!
Required information
[The following information applies to the questions displayed below.]
14
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 15 units for $20 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.
Purchases:
21
Total
December 7
December
December
Cost of Goods Available for Sale
Cost of
Goods
Available
for Sale
# of
units
10 $6.00
12.00
20
Cost
per
unit
15
45
14.00
10 units @ $6 cost
20 units @ $12 cost
15 units @ $14 cost
$
$
60
240
210
510
Periodic LIFO:
Cost of Goods Sold
# of
units
sold
X Answer is not complete.
15
15
Cost
per
unit
14.00
Cost of
Goods
Sold
$ 210
210
GA GA
$
Inventory Balance
# of units
in ending
inventory
0
Cost
per
unit
$6.00
12.00
Ending
Inventory
$
$
0
0
0
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