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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. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units @ $ 6.00 cost 20 units @ $12.00 cost 15 units @ $14.00 cost Required: Monson sells 15 units for $20 each on December 15. Monson uses a perpetual inventory system. Determine the costs assigned to the- December 31 ending inventory when costs are assigned based on LIFO. Perpetual LIFO: Goods purchased Cost of Goods Sold Inventory Balance Cost of Goods # of # of Cost per Availahle for Cost per Cost of Goods Cost per Inventory units # of units Date

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. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units @ $ 6.00 cost 20 units @ $12.00 cost 15 units @ $14.00 cost Required: Monson sells 15 units for $20 each on December 15. Monson uses a perpetual inventory system. Determine the costs assigned to the- December 31 ending inventory when costs are assigned based on LIFO. Perpetual LIFO: Goods purchased Cost of Goods Sold Inventory Balance Cost of Goods # of # of Cost per Availahle for Cost per Cost of Goods Cost per Inventory units # of units Date

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 sells 15 units for $20 each on December 15. Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory when costs are assigned based on LIFO. Perpetual LIFO: Goods purchased Cost of Goods Sold Inventory alance Cost of Goods Availahle for # of # of Cost per Cost per Cost of Goods Cost per Inventory Date units %#of units < Prev ... 5 7 of 18 Next > ..
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 sells 15 units for $20 each on December 15. Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory when costs are assigned based on LIFO. Perpetual LIFO: Goods purchased Cost of Goods Sold Inventory alance Cost of Goods Availahle for # of # of Cost per Cost per Cost of Goods Cost per Inventory Date units %#of units < Prev ... 5 7 of 18 Next > ..
Required information Goods purchased Cost of Goods Sold Inventory Balance # of # of units Cost per unit Cost of Goods Available for Sale Cost per Cost of Goods unit Cost per unit Inventory Balance # of units units sold Date Sold December 7 2$ 0.00 December 14 $ 0.00 2$ 0.00 December 15 @ December 21 24 0.00 @ Totals ... < Prev 7 of 18 Next > ..
Transcribed Image Text:Required information Goods purchased Cost of Goods Sold Inventory Balance # of # of units Cost per unit Cost of Goods Available for Sale Cost per Cost of Goods unit Cost per unit Inventory Balance # of units units sold Date Sold December 7 2$ 0.00 December 14 $ 0.00 2$ 0.00 December 15 @ December 21 24 0.00 @ Totals ... < Prev 7 of 18 Next > ..
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