s@ $21.00 cost = @ $27.00 cost @ $29.00 cost December 31 ending
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Answers the math problem for me . Key it in the blue boxes only
![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 $35 each.
Purchases on December 7
Purchases on December 14
Purchases on December 21
10 units @ $21.00 cost
20 units @ $27.00 cost
15 units @ $29.00 cost
Required:
Determine the costs assigned to the December 31 ending
inventory based on the FIFO method.
Perpetual FIFO:
Cost of Goods Sold
# of
Goods Purchased
Date
Cost Per
Goods
Cost Per Cost of (
# of Units
Units
Unit
Purchased
Unit
Sol
Sold
December 7
10 at
$ 9.00
$ 90.00
$ 15.00
$ 75.00
at
%3D
December 14
Total December 14
December 15
Total December 15
15
at
$ 17.00
$ 255.00
December 21
Totals](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa2d2b607-d84c-4419-b770-f7c25e8ff793%2F547e88d8-7e6d-4f0c-9b14-6762d5899594%2F7t26ci_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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 $35 each.
Purchases on December 7
Purchases on December 14
Purchases on December 21
10 units @ $21.00 cost
20 units @ $27.00 cost
15 units @ $29.00 cost
Required:
Determine the costs assigned to the December 31 ending
inventory based on the FIFO method.
Perpetual FIFO:
Cost of Goods Sold
# of
Goods Purchased
Date
Cost Per
Goods
Cost Per Cost of (
# of Units
Units
Unit
Purchased
Unit
Sol
Sold
December 7
10 at
$ 9.00
$ 90.00
$ 15.00
$ 75.00
at
%3D
December 14
Total December 14
December 15
Total December 15
15
at
$ 17.00
$ 255.00
December 21
Totals
Transcribed Image Text:ɔ the questions
y business on December
· inventory purchases.
system. Also, on
for $35 each.
units @ $21.00 cost
units @ $27.00 cost
units @ $29.00 cost
he December 31 ending
nod.
Perpetual FIFO:
ed
Cost of Goods Sold
Inventory Balance
# of
Goods
Cost Per Cost of Goods
Cost Per
Inventory
Units
# of Units
Purchased
Unit
Sold
Unit
Balance
Sold
$ 90.00
$ 75.00
$ 255.00
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