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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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.)
Required information Skip to question [The following information applies to the questions displayed below.]Sara's Boutique has the following transactions related to its top-selling Gucci purse for the month of October. Sara's Boutique uses a periodic inventory system. Date Transactions Units Unit Cost Total Cost October 1 Beginning inventory 6 $810 $4,860 October 4 Sale 4 October 10 Purchase 5 820 4,100 October 13 Sale 3 October 20 Purchase 4 830 3,320 October 28 Sale 7 October 30 Purchase 7 840 5,880 $18,160 2. Using FIFO, calculate ending inventory and cost of goods sold at October 31.
Required information Skip to question [The following information applies to the questions displayed below.]Sara's Boutique has the following transactions related to its top-selling Gucci purse for the month of October. Sara's Boutique uses a periodic inventory system. Date Transactions Units Unit Cost Total Cost October 1 Beginning inventory 6 $810 $4,860 October 4 Sale 4 October 10 Purchase 5 820 4,100 October 13 Sale 3 October 20 Purchase 4 830 3,320 October 28 Sale 7 October 30 Purchase 7 840 5,880 $18,160 4. Using weighted-average cost, calculate ending inventory and cost of goods sold at October 31. (Round your intermediate calculations to 4 decimal places and final answers to 2 decimal places.)
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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
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Unitech has the tollowing inventory information. July 1 Beginning Inverntory 60 units at $19 $1,140 Purchases 210 units at $20 4.200 22 Purchases 30 units at $22 660 $6,000 A physical count of merchandise inventoryon luly 31 reveals that there are 90 units on hand. Using the FIFO inventory method, the amount allocated to cost of goods sold for July is
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