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Required information Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 15 units for $20 each. 10 units @ $ 6.00 cost 20 units @ $12.00 cost 15 units @ $14.00 cost Purchases on December 7 Purchases on December 14 Purchases on December 21 Required: Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory based on the FIFO method. Perpetual FIFO: Cost of Goods Sold Inventory Balance

Required information Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 15 units for $20 each. 10 units @ $ 6.00 cost 20 units @ $12.00 cost 15 units @ $14.00 cost Purchases on December 7 Purchases on December 14 Purchases on December 21 Required: Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory based on the FIFO method. Perpetual FIFO: Cost of Goods Sold Inventory Balance

FINANCIAL ACCOUNTING
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 Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 15 units for $20 each. 10 units @ $ 6.00 cost 20 units @ $12.00 cost 15 units @ $14.00 cost Purchases on December 7 Purchases on December 14 Purchases on December 21 Required: Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory based on the FIFO method. Perpetual FIFO: Goods Purchased Cost of Goods Sold Inventory Balance # of Cost Per Cost Per Unit Goods Purchased Cost Per Cost of Goods Unit Inventory Balance # of Units # of Units Date Sold Unit Units < Prev 5 6 7 of 18 Next > 4 ... 1 3/2
Transcribed Image Text:Required information Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 15 units for $20 each. 10 units @ $ 6.00 cost 20 units @ $12.00 cost 15 units @ $14.00 cost Purchases on December 7 Purchases on December 14 Purchases on December 21 Required: Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory based on the FIFO method. Perpetual FIFO: Goods Purchased Cost of Goods Sold Inventory Balance # of Cost Per Cost Per Unit Goods Purchased Cost Per Cost of Goods Unit Inventory Balance # of Units # of Units Date Sold Unit Units < Prev 5 6 7 of 18 Next > 4 ... 1 3/2
Required information G0ous FUrChased COst OI G00us SOIU iventory Dalance # of Units Goods Purchased # of Units Sold Cost Per Inventory Balance Cost Per Cost Per Cost of Goods Sold # of Units Date Unit Unit Unit December 7 December 14 December 15 December 21 Totals < Prev ... 7 of 18 Next >
Transcribed Image Text:Required information G0ous FUrChased COst OI G00us SOIU iventory Dalance # of Units Goods Purchased # of Units Sold Cost Per Inventory Balance Cost Per Cost Per Cost of Goods Sold # of Units Date Unit Unit Unit December 7 December 14 December 15 December 21 Totals < Prev ... 7 of 18 Next >
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