! 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 $20 each. 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. Date December 7 December 14 Total December 14 Totals December 15 Total December 15 December 21 # of units Goods purchased Cost per unit 10 units @ $ 6 cost 20 units @ $12 cost 15 units @ $14 cost Cost of Goods Available for Sale 10 at $ 6.00 = 20 at $ 12.00 = $ 60.00 $ 240.00 15 at $14.00 = $ 210.00 Perpetual LIFO: # of units sold 8 at Cost of Goods Sold Cost per Cost of Goods unit Sold $6.00 = $ 48.00 $ 48.00 Inventory Balance # of units 10 at 10 at 20 at 2 at 2 at 2 at 13 at 15 at Cost per unit $6.00 = $ 6.00 = $12.00 = $ 12.00 = $6.00 = $ 12.00 = $ 14.00 = $ 14.00 = Inventory Balance $ $ $ $ $ $ 60.00 60.00 240.00 300.00 24.00 12.00 36.00 24.00 182.00 210.00 $ 416.00

! 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 $20 each. 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. Date December 7 December 14 Total December 14 Totals December 15 Total December 15 December 21 # of units Goods purchased Cost per unit 10 units @ $ 6 cost 20 units @ $12 cost 15 units @ $14 cost Cost of Goods Available for Sale 10 at $ 6.00 = 20 at $ 12.00 = $ 60.00 $ 240.00 15 at $14.00 = $ 210.00 Perpetual LIFO: # of units sold 8 at Cost of Goods Sold Cost per Cost of Goods unit Sold $6.00 = $ 48.00 $ 48.00 Inventory Balance # of units 10 at 10 at 20 at 2 at 2 at 2 at 13 at 15 at Cost per unit $6.00 = $ 6.00 = $12.00 = $ 12.00 = $6.00 = $ 12.00 = $ 14.00 = $ 14.00 = Inventory Balance $ $ $ $ $ $ 60.00 60.00 240.00 300.00 24.00 12.00 36.00 24.00 182.00 210.00 $ 416.00

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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 And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter6: Inventories

Section: Chapter Questions

Problem 5PB: Pappas Appliances uses the periodic inventory system. Details regarding the inventory of appliances...

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