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 30 units for $50 each. Total 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: December 7 December 14 December 21 # of units Cost of Goods Available for Sale Cost of Goods Available for Sale 20 34 30 84 Cost per unit 20 units @ $20.00 cost 34 units @ $30.00 cost 30 units @ $36.00 cost $20.00 $ 30.00 36.00 $ Periodic LIFO: 400 1,020 1,080 2,500 Cost of Goods Sold # of units sold 30 30 Cost Cost of per unit Goods Sold 30.00 $ $36.00 $ 900 900 Inventory Balance # of units in ending inventory Cost per Ending Inventory unit 20 $20.00 $ 20 30.00 40 400 600 $ 1,000

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 30 units for $50 each. Total 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: December 7 December 14 December 21 # of units Cost of Goods Available for Sale Cost of Goods Available for Sale 20 34 30 84 Cost per unit 20 units @ $20.00 cost 34 units @ $30.00 cost 30 units @ $36.00 cost $20.00 $ 30.00 36.00 $ Periodic LIFO: 400 1,020 1,080 2,500 Cost of Goods Sold # of units sold 30 30 Cost Cost of per unit Goods Sold 30.00 $ $36.00 $ 900 900 Inventory Balance # of units in ending inventory Cost per Ending Inventory unit 20 $20.00 $ 20 30.00 40 400 600 $ 1,000

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Description: Domestic !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 syst

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 5PA: Dymac Appliances uses the periodic inventory system. Details regarding the inventory of appliances...

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