Required informationTrey 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 cost30 units @ $15.00 cost25 units @ $18.00 costPurchases on December 14Purchases on December 21Required: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 theDecember 14 purchase. Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 endinginventory when costs are assigned based on specific identification.

Inventory: Inventory is the goods purchased or manufactured with the intention of sale. The…

Answered: Required information Trey Monson starts…

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
Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Units Sold at Retail Units Acquired at Cost 100 units @ $50 per unit 400 units@ $55 per unit Date Mar. Mar. Mar. Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Activities 1 Beginning inventory 5 Purchase 9 Sales 420 units @ $85 per unit 120 units @ $60 per unit 200 units @ $62 per unit 160 units @ $95 per unit Totals 820 units 580 units 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, the March 9 sale consisted of 80 units from beginning inventory and 340 units from the March 5 purchase; the March 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 25 purchase. es Complete this question by einering your answers in the tabs below. Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to…
Current Attempt in Progress REI sells snowboards. Assume the following information relates to REI's purchases of snowboards during September. During the same month, 103 snowboards were sold. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 Date Sept. 5 Sept. 16 Sept. 29 Explanation Units Inventory Purchases (a1) Purchases Purchases Totals Sale Sale Sale Totals September 11 $ September 5 Units $ 9 49 45 14 Additional data regarding the company's sales of snowboards are provided below. Assume that REI uses a perpetual inventory system. 103 45 49 25 133 Unit Cost * $102 105 106 107 Total Cost $1,428 4,725 5,194 2,675 Calculate the weighted-average unit cost. (Round answers to 3 decimal places, e.g. 5.125.) $14,022
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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 25 units for $25 each. Purchases on December 7 Purchases on Decenber 14 Purchases on December 21 15 units e $10.00 cost Je units e $15.00 cost 25 units e $18.00 cost Required: Monson sells 25 units for $25 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 # of units Cost of Goods Cost per Available for # of units sold Cost per Cost of Goods unit Cost per unit Inventory Balance Date # of units unit Sold Sale December 7 Docember 14
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
Requlred Informatlon 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 @ $14.00 cost 36 units @ $21.e0 cost 30 units @ $25.00 cost Purchases on December 14 Purchases on December 21 Requlred: Monson sells 30 units for $35 each on December 15. Of the units sold, 16 are from the December 7 purchase and 14 are fre December 14 purchase. Monson uses a perpetual Inventory system. Determine the costs assigned to the December 31 end Inventory when costs are assigned based on specific Identification. Specific Identification-Perpetual: Goods purchased Cost of Goods Sold Inventory Balance # of # of units Cost per unit Cost per Cost of Goods unit # of units Cost per unit Inventory Balance Date units sold Sold December 7 0.00 December 14 0.00 0.00 December 15 0.00 0.00 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 =…
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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 $26 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units @ $12.00 cost 20 units @ $18.00 cost 15 units @ $20.00 cost Required: Determine the costs assigned to the December 31 ending inventory based on the FIFO method. Perpetual FIFO: Goods Purchased Date # of Units Cost Per Unit Goods Purchased # of Units Sold Cost of Goods Sold Cost Per Cost of Goods Unit Sold Inventory Balance # of Units Cost Per Unit Inventory Balance December 7 December 14 Total December 14 December 15 Total December 15 December 21 Totals

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