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. Purchases on December 7 Purchases on December 14 Purchases on December 21 the units sold, 16 are from the December 7 purchase and 14 are from the December 14 purchase. Determine the costs assigned to ding inventory when costs are assigned based on specific identification. archases: 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 Cost of units sold per unit Cost of Goods Sold Ending Inventory Cost per unit Number of units in ending inventory 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 30 units for $50 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 the units sold, 16 are from the December 7 purchase and 14 are from the December 14 purchase. Determine the costs assigned to ding inventory when costs are assigned based on specific identification. archases: 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 Cost of units sold per unit Cost of Goods Sold Ending Inventory Cost per unit Number of units in ending inventory Ending Inventory

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Description: 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

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 Use the following information for the Quick Study below. (Algo) (11-14) Skip to question [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 $27 each. Purchases on December 7 10 units @ $13.00 cost Purchases on December 14 20 units @ $19.00 cost Purchases on December 21 15 units @ $21.00 cost QS 5-14 (Algo) Perpetual: Inventory costing with specific identification LO P1 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.
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 the December 31 ending inventory when costs are assigned based on 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 perpetual inventory system. Also, on December 15, Monson sells 15 units for $36 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 Required: Determine the costs assigned to the December 31 ending inventory based on the FIFO method. Date December 7 December 14 Total December 14 Totals December 15 Total December 15 December 21 10 units @ $22.00 cost 20 units @ $28.00 cost 15 units @ $30.00 cost Goods Purchased # of Units 10 at Cost Per Unit Goods Purchased $22.00 = 20 at $28.00 II $ 220.00 $ 560.00 15 at $30.00 = $ 450.00 Perpetual FIFO: of Units Sold Cost of Goods Sold 15 at Cost Per Cost of Goods Unit Sold $28.00 = $ 420.00 $ 420.00 Inventory Balance Cost Per Unit # of Units 10 at $ 22.00 = 10 at $ 22.00 = 20 at $28.00 = 30 at $30.00 =…