!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 $36 each.Purchases on December 7Purchases on December 14Purchases on December 21Required:Determine the costs assigned to the December 31 ending inventory based on the FIFO method.DateDecember 7December 14Total December 14TotalsDecember 15Total December 15December 2110 units @ $22.00 cost20 units @ $28.00 cost15 units @ $30.00 costGoods Purchased# of Units10 atCost PerUnitGoodsPurchased$22.00 =20 at $28.00II$ 220.00$ 560.0015 at $30.00 = $ 450.00Perpetual FIFO:ofUnitsSoldCost of Goods Sold15 atCost Per Cost of GoodsUnitSold$28.00 =$ 420.00$ 420.00Inventory BalanceCost PerUnit# of Units10 at$ 22.00 =10 at$ 22.00 =20 at $28.00 =30 at $30.00 =InventoryBalance$220.00$ 220.00560.00$ 780.00$ 900.00$ 900.00

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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. Als

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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 $36 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 equired: 10 units @ $22.00 cost 20 units @ $28.00 cost 15 units @ $30.00 cost

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 $36 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 equired: 10 units @ $22.00 cost 20 units @ $28.00 cost 15 units @ $30.00 cost

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 perpetual inventory system. Also, on December 15, Monson sells 15 units for $39 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units@ $25.00 cost 20 units@ $31.00 cost 15 units @ $33.00 cost Determine the costs assigned to ending inventory when costs are assigned based on the LIFO 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 $34 each. Purchases on December 7 Purchases on December 14 10 units @ $20.00 cost 20 units @ $26.00 cost Purchases on December 21 15 units @ $28.00 cost Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method.
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