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 25 units for $25 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 15 units @ $10.00 cost 30 units @ $15.00 cost 25 units @ $17.00 cost Goods Available for Sale # of units Cost per unit Periodic FIFO: Cost of Goods Available for Sale # of units sold Cost of Goods Sold Cost per unit Cost of Goods Sold Ending Inventory Cost per unit # of units in ending inventory $ 0.00 0.00 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 25 units for $25 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 15 units @ $10.00 cost 30 units @ $15.00 cost 25 units @ $17.00 cost Goods Available for Sale # of units Cost per unit Periodic FIFO: Cost of Goods Available for Sale # of units sold Cost of Goods Sold Cost per unit Cost of Goods Sold Ending Inventory Cost per unit # of units in ending inventory $ 0.00 0.00 Ending Inventory
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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 25 units for $25 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
15 units @ $10.00 cost
30 units @ $15.00 cost
25 units @ $17.00 cost
Goods Available for Sale
# of units
Cost per
unit
Periodic FIFO:
Cost of Goods
Available for
Sale
# of
units
sold
Cost of Goods Sold
Cost of
Goods Sold
Cost per
unit
Ending Inventory
Cost per
unit
# of units
in ending
inventory
$ 0.00
0.00
Ending
Inventory](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fac92dbf6-898b-4a56-aeb2-f055afd4d544%2Fa9ac062d-6997-432d-9c33-3d6ba8e26926%2Fmepp41u_processed.jpeg&w=3840&q=75)
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 25 units for $25 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
15 units @ $10.00 cost
30 units @ $15.00 cost
25 units @ $17.00 cost
Goods Available for Sale
# of units
Cost per
unit
Periodic FIFO:
Cost of Goods
Available for
Sale
# of
units
sold
Cost of Goods Sold
Cost of
Goods Sold
Cost per
unit
Ending Inventory
Cost per
unit
# of units
in ending
inventory
$ 0.00
0.00
Ending
Inventory
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