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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 periodic inventory system. Also, on December 15, Monson sells 29 units for $50 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 Total Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. Purchases: December 7 December 14 December 21 19 units @ $20.00 cost 36 units @ $30.00 cost 29 units @ $36.00 cost Goods Available for Sale Number of units Cost per unit Cost Goods Available for Sale Periodic FIFO: Cost of Goods Sold Number of units sold Cost per unit Cost of Goods Sold Ending Inventory Number of units in ending inventory Cost per unit A 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 periodic inventory system. Also, on December 15, Monson sells 29 units for $50 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 Total Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. Purchases: December 7 December 14 December 21 19 units @ $20.00 cost 36 units @ $30.00 cost 29 units @ $36.00 cost Goods Available for Sale Number of units Cost per unit Cost Goods Available for Sale Periodic FIFO: Cost of Goods Sold Number of units sold Cost per unit Cost of Goods Sold Ending Inventory Number of units in ending inventory Cost per unit A Ending Inventory

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 periodic inventory system. Also, on December 15, Monson sells 29 units for $50 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 Total Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. Purchases: December 7 December 14 December 21 19 units @ $20.00 cost 36 units @ $30.00 cost 29 units @ $36.00 cost Goods Available for Sale Number of units Cost per unit Cost of Goods Available for Sale Periodic FIFO: Cost of Goods Sold Number of units sold Cost per unit Cost of Goods Sold Ending Inventory Number of units in ending inventory Cost per unit 4 Ending Inventory
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 periodic inventory system. Also, on December 15, Monson sells 29 units for $50 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 Total Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. Purchases: December 7 December 14 December 21 19 units @ $20.00 cost 36 units @ $30.00 cost 29 units @ $36.00 cost Goods Available for Sale Number of units Cost per unit Cost of Goods Available for Sale Periodic FIFO: Cost of Goods Sold Number of units sold Cost per unit Cost of Goods Sold Ending Inventory Number of units in ending inventory Cost per unit 4 Ending Inventory
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