! 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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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