Required information Use the following information for the Quick Study below. (Algo) (15-18) [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 periodic inventory system. Also, on December 15, Monson sells 15 units for $50 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 8 units @ $20.00 cost 17 units @ $30.00 cost 15 units @ $36.00 cost QS 6-17A (Algo) Periodic: Inventory costing with weighted average LO P3 Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. Note: Round cost per units to 2 decimal places. Goods Available for Sale Weighted average - Periodic Cost of Goods Sold # of units Cost per unit Cost of Goods Available for Sale # of units sold Average Cost per Unit # of units Cost of Goods Sold in ending inventory Ending Inventory Ending Average Cost per unit Inventory Purchases: December 7 8 $ 20.00 $ 160 December 14 17 $ 30.00 510 December 21 15 $ 36.00 540 Total 40 $ 30.25 $ 1,210 $ 0.00 0 $ 0.00 $ 0.00 ! Required information Use the following information for the Quick Study below. (Algo) (15-18) [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 periodic inventory system. Also, on December 15, Monson sells 15 units for $50 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 8 units @ $20.00 cost 17 units @ $30.00 cost 15 units @ $36.00 cost QS 6-15A (Algo) Periodic: Inventory costing with FIFO LO P3 Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. Ending Inventory Periodic FIFO: Goods Available for Sale Cost of Goods # of # of units Cost per unit Available for Sale units Cost per unit Cost of Goods Sold Cost of Goods Sold sold # of units in ending inventory Purchases: December 7 8 $ 20.00 $ 160 December 14 17 30.00 510 December 21 15 36.00 540 Total 40 $ 1,210 Cost per unit Ending Inventory 0 17 $ 30.00 $ 510 8 36.00 288 25 $ 798

Required information Use the following information for the Quick Study below. (Algo) (15-18) [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 periodic inventory system. Also, on December 15, Monson sells 15 units for $50 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 8 units @ $20.00 cost 17 units @ $30.00 cost 15 units @ $36.00 cost QS 6-17A (Algo) Periodic: Inventory costing with weighted average LO P3 Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. Note: Round cost per units to 2 decimal places. Goods Available for Sale Weighted average - Periodic Cost of Goods Sold # of units Cost per unit Cost of Goods Available for Sale # of units sold Average Cost per Unit # of units Cost of Goods Sold in ending inventory Ending Inventory Ending Average Cost per unit Inventory Purchases: December 7 8 $ 20.00 $ 160 December 14 17 $ 30.00 510 December 21 15 $ 36.00 540 Total 40 $ 30.25 $ 1,210 $ 0.00 0 $ 0.00 $ 0.00 ! Required information Use the following information for the Quick Study below. (Algo) (15-18) [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 periodic inventory system. Also, on December 15, Monson sells 15 units for $50 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 8 units @ $20.00 cost 17 units @ $30.00 cost 15 units @ $36.00 cost QS 6-15A (Algo) Periodic: Inventory costing with FIFO LO P3 Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. Ending Inventory Periodic FIFO: Goods Available for Sale Cost of Goods # of # of units Cost per unit Available for Sale units Cost per unit Cost of Goods Sold Cost of Goods Sold sold # of units in ending inventory Purchases: December 7 8 $ 20.00 $ 160 December 14 17 30.00 510 December 21 15 36.00 540 Total 40 $ 1,210 Cost per unit Ending Inventory 0 17 $ 30.00 $ 510 8 36.00 288 25 $ 798

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 10RE: Jessie Stores uses the periodic system of calculating inventory. The following information is...

See similar textbooks