Required informationTrey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases.Also, on December 15, Monson sells 30 units for $35 each.Purchases on December 7Purchases on December 14Purchases on December 2120 units @ $14.00 cost36 units @ $21.00 cost30 units @ $25.00 cost Required:Monson sells 30 units for $35 each on December 15. Monson uses a perpetual inventory system. Determine the costs assigned to theDecember 31 ending inventory when costs are assigned based on LIFO.Perpetual LIFO:DateDecember 7December 14December 15December 21Totals# ofunitsGoods purchasedCost perunitCost of GoodsAvailable forSale# ofunitssoldCost of Goods SoldCost per Cost of GoodsunitSoldInventory Balance# of units@Cost perunitInventoryBalance

Name: Required informationTrey Monson starts a merchandising business on De
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Description: Required informationTrey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases.Also, on December 15, Monson sells 30 units for $35 each.Purchases on December 7Purchases on December 14Purchases o

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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 30 units for $35 each. Purchases on December 7 Purchases on December 14. Purchases on December 21 20 units @ $14.00 cost 36 units @ $21.00 cost 30 units @ $25.00 cost

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 30 units for $35 each. Purchases on December 7 Purchases on December 14. Purchases on December 21 20 units @ $14.00 cost 36 units @ $21.00 cost 30 units @ $25.00 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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Ashley's Art Supplies began business on March 1 and made the following four inventory purchases in March: March 1 March 9 March 15 March 26 Totals: X Units Purchased 150 units 200 units 200 units 150 units 700 units 2,895 Unit Cost $5.20 $5.85 $6.30 $6.80 Total Cost $ 780 A physical count of inventory on March 31 reveals that there are 200 units on hand. Use the FIFO inventory method to calculate the Cost of Goods Sold for March. (Include two decimals in your answer even if your answer is a whole number. For example, if your answer is 1,500, enter 1,500.00. Do NOT include a $ sign.) (See your Unit 4 notes, page 3) 1,170 1,260 1,020 $4,230
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 Goods purchased # of units Cost of Goods Available for Sale 10 at $ 6.00 = $ 60.00 $ 240.00 10 units @ $ 6 cost 20 units @ $12 cost 15 units @ $14 cost Cost per unit 20 at $ 12.00 = 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 =…
Urban Glam Cosmetics made purchases of lipstick in the current year as follows Jan. 1 Begining inventory Mar. 14 Purchased July Purchased Units available for sale 530is $15.00 Cast of goods available for sale $12,291 Urban Glam Cosmetics made sales on the following dates at a selling price of $36 per unit Jan. 30 71 units Mar 15 190 units Totals S 460 units 721 its Required The business uses a perpetual inventory system. 1. Determine the costs that should be assigned to the ending inventory and to goods sold under the following methods. (Do not round Intermediate calculations. Round your final answers to 2 decimal places.)
Beginning inventory, purchases and sales data for T-shirts are as follows: April 3 Inventory 24 units @ $10 11 Purchase 26 units @ $12 14 Sale 36 units 21 Purchase 18 units @ $15 25 Sale 20 units Assuming the business maintains a periodic inventory system; calculate the cost of merchandise sold and ending inventory under the following assumptions: FIFO LIFO Average cost In your computations, round the average cost per unit to two decimal places and round your final answers to the nearest dollar.
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Requlred Information Trey Monson starts a merchandising business on December 1 and enters Into the following three Inventory purchases. Also, on December 15, Monson sells 30 units for $35 each. Purchases on December 7 20 units @ $14.ee cost 36 units e $21.00 cost 30 units e $25.00 cost Purchases on December 14 Purchases on December 21 Requlred: Monson sells 30 units for $35 each on December 15. Monson uses a perpetual inventory system. Determine the costs assigne 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 Available for Sale # of units sold Cost per # of units Cost per Cost of Goods unit # of units Cost per unit Inventory Balance Date unit Sold December 7 0.00 December 14 0.00 0.00 December 15 December 21 0.00 Totals
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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 Required: Determine the costs assigned to the December 31 ending inventory based on the FIFO method. Date December 7 December 14 Total December 14 Totals December 15 Total December 15 December 21 10 units @ $22.00 cost 20 units @ $28.00 cost 15 units @ $30.00 cost Goods Purchased # of Units 10 at Cost Per Unit Goods Purchased $22.00 = 20 at $28.00 II $ 220.00 $ 560.00 15 at $30.00 = $ 450.00 Perpetual FIFO: of Units Sold Cost of Goods Sold 15 at Cost Per Cost of Goods Unit Sold $28.00 = $ 420.00 $ 420.00 Inventory Balance Cost Per Unit # of Units 10 at $ 22.00 = 10 at $ 22.00 = 20 at $28.00 = 30 at $30.00 =…
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 25 units for $25 each. Purchases on December 7. 15 units @ $10.00 cost 30 units @ $15.00 cost 25 units @ $18.00 cost Purchases on December 14 Purchases on December 21 Required: Monson sells 25 units for $25 each on December 15. Of the units sold, 12 are from the December 7 purchase and 13 are from the December 14 purchase. Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory when costs are assigned based on specific identification.
Bhil Give me correct answer with explanation
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Bhil Give me correct answer with explanation