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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 $35 each. Purchases on December 7 10 units @ $21.00 cost 20 units @ $27.00 cost 15 units @ $29.00 cost Purchases on December 14 Purchases on December 21 quired: termine the costs assigned to the December 31 ending ventory based on the FIFO method. Perpetual FIFO: Goods Purchased Cost of Goods Sold # of Date Cost Per Goods Cost Per Cost of C # of Units Units Unit Purchased Unit Sol Sold cember 7 10 at $ 9.00 = $ 90.00 5 at $ 15.00 $ 75.00 %3D cember 14

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 $35 each. Purchases on December 7 10 units @ $21.00 cost 20 units @ $27.00 cost 15 units @ $29.00 cost Purchases on December 14 Purchases on December 21 quired: termine the costs assigned to the December 31 ending ventory based on the FIFO method. Perpetual FIFO: Goods Purchased Cost of Goods Sold # of Date Cost Per Goods Cost Per Cost of C # of Units Units Unit Purchased Unit Sol Sold cember 7 10 at $ 9.00 = $ 90.00 5 at $ 15.00 $ 75.00 %3D cember 14

FINANCIAL ACCOUNTING
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 $35 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units @ $21.00 cost 20 units @ $27.00 cost 15 units @ $29.00 cost Required: Determine the costs assigned to the December 31 ending inventory based on the FIFO method. Perpetual FIFO: Cost of Goods Sold # of Goods Purchased Date Cost Per Goods Cost Per Cost of ( # of Units Units Unit Purchased Unit Sol Sold December 7 10 at $ 9.00 $ 90.00 $ 15.00 $ 75.00 at %3D December 14 Total December 14 December 15 Total December 15 15 at $ 17.00 $ 255.00 December 21 Totals
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 perpetual inventory system. Also, on December 15, Monson sells 15 units for $35 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units @ $21.00 cost 20 units @ $27.00 cost 15 units @ $29.00 cost Required: Determine the costs assigned to the December 31 ending inventory based on the FIFO method. Perpetual FIFO: Cost of Goods Sold # of Goods Purchased Date Cost Per Goods Cost Per Cost of ( # of Units Units Unit Purchased Unit Sol Sold December 7 10 at $ 9.00 $ 90.00 $ 15.00 $ 75.00 at %3D December 14 Total December 14 December 15 Total December 15 15 at $ 17.00 $ 255.00 December 21 Totals
ɔ the questions y business on December · inventory purchases. system. Also, on for $35 each. units @ $21.00 cost units @ $27.00 cost units @ $29.00 cost he December 31 ending nod. Perpetual FIFO: ed Cost of Goods Sold Inventory Balance # of Goods Cost Per Cost of Goods Cost Per Inventory Units # of Units Purchased Unit Sold Unit Balance Sold $ 90.00 $ 75.00 $ 255.00
Transcribed Image Text:ɔ the questions y business on December · inventory purchases. system. Also, on for $35 each. units @ $21.00 cost units @ $27.00 cost units @ $29.00 cost he December 31 ending nod. Perpetual FIFO: ed Cost of Goods Sold Inventory Balance # of Goods Cost Per Cost of Goods Cost Per Inventory Units # of Units Purchased Unit Sold Unit Balance Sold $ 90.00 $ 75.00 $ 255.00
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