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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 perpetual inventory system. Also, on December 15, Monson sells 15 units for $35 each. Purchases on December 7 10 units @ $21.00 cost 20 units @ $27.00 cost 15 units @ $29.00 cost Purchases on December 14 Purchases on December 21 Required: Determine the costs assigned to the December 31 ending inventory based on the FIFO method.

! 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 $35 each. Purchases on December 7 10 units @ $21.00 cost 20 units @ $27.00 cost 15 units @ $29.00 cost Purchases on December 14 Purchases on December 21 Required: Determine the costs assigned to the December 31 ending inventory based on the FIFO method.

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 11RE: Jessie Stores uses the periodic system of calculating inventory. The following information is...
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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 perpetual inventory system. Also, on December 15, Monson sells 15 units for $35 each. Purchases on December 7 10 units @ $21.00 cost Purchases on December 14 20 units @ $27.00 cost 15 units @ $29.00 cost Purchases on December 21 Required: Determine the costs assigned to the December 31 ending inventory based on the FIIFO method. Perpetual FIFO: Goods Purchased Cost of Goods Sold # of Units Date Cost Per Goods Cost Per Cost of ( # of Units Unit Purchased Unit Sol Sold December 7 10 at $ 9.00 $ 90.00 %3D 5 at $ 15.00 $ 75.00 December 14 Total December 14 December 15 Total December 15 15 at $ 17.00 $ 255.00 %3D December 21 Totals
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 perpetual inventory system. Also, on December 15, Monson sells 15 units for $35 each. Purchases on December 7 10 units @ $21.00 cost Purchases on December 14 20 units @ $27.00 cost 15 units @ $29.00 cost Purchases on December 21 Required: Determine the costs assigned to the December 31 ending inventory based on the FIIFO method. Perpetual FIFO: Goods Purchased Cost of Goods Sold # of Units Date Cost Per Goods Cost Per Cost of ( # of Units Unit Purchased Unit Sol Sold December 7 10 at $ 9.00 $ 90.00 %3D 5 at $ 15.00 $ 75.00 December 14 Total December 14 December 15 Total December 15 15 at $ 17.00 $ 255.00 %3D December 21 Totals
the questions pusiness on December iventory purchases. ystem. Also, on or $35 each. its @ $21.00 cost its @ $27.00 cost its @ $29.00 cost e December 31 ending od. Perpetual FIFO: Cost of Goods Sold Inventory Balance # of Units Goods Cost Per Cost of Goods Cost Per # of Units Inventory Balance irchased Unit Sold Unit Sold $ 90.00 $ 75.00 $ 255.00
Transcribed Image Text:the questions pusiness on December iventory purchases. ystem. Also, on or $35 each. its @ $21.00 cost its @ $27.00 cost its @ $29.00 cost e December 31 ending od. Perpetual FIFO: Cost of Goods Sold Inventory Balance # of Units Goods Cost Per Cost of Goods Cost Per # of Units Inventory Balance irchased Unit Sold Unit Sold $ 90.00 $ 75.00 $ 255.00
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