5 Required informationSpeciic juenILITIcauon–reipetuai.Goods purchasedCost of Goods SoldInventory Balance# of# ofunitsCost perunitCost per Cost of GoodsunitCost perunitInventoryBalanceunits# of unitsDateSoldsoldDecember 7$0.00December 14$0.002$0.00December 152$0.00$0.00December 21$ 0.00Totals< Prevof 18Next > Requireu inTormaLIOIITrey Monson starts a merchandising business on December 1 and enters into the following three inventorypurchases. Also, on December 15, Monson sells 15 units for $20 each.Purchases on December 7Purchases on December 14Purchases on December 2110 units @ $ 6.00 cost20 units @ $12.00 cost15 units @ $14.00 costRequired:Monson sells 15 units for $20 each on December 15. Of the units sold, eight are from the December 7 purchase and seven are fromthe December 14 purchase. Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 endinginventory when costs are assigned based on specific identification.Specific Identification-Perpetual:Goods purchasedCost of Goods SoldInventory Balance# ofunitsCost perunit# ofunitssoldCost per Cost of GoodsunitCost perunitInventoryBalance# of unitsDateSoldDecember 7$ 0.00< Prev7of 18Next >.........inn113/2LSMO

Inventory valuation is a process of calculating the inventory of the business. The specific…

Specne juenuication–reipetuai: Goods purchased Cost of Goods Sold Inventory Balance # of # of units Cost per unit Cost per Cost of Goods unit Cost per unit Inventory Balance # of units units sold Date Sold December 7 $ 0.00 December 14 $ 0.00 2$ 0.00 December 15 $ 0.00

Specne juenuication–reipetuai: Goods purchased Cost of Goods Sold Inventory Balance # of # of units Cost per unit Cost per Cost of Goods unit Cost per unit Inventory Balance # of units units sold Date Sold December 7 $ 0.00 December 14 $ 0.00 2$ 0.00 December 15 $ 0.00

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter6: Inventories

Section: Chapter Questions

Problem 4TIF: Communication Golden Eagle Company began operations on April 1 by selling a single product. Data on...

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Communication Golden Eagle Company began operations on April 1 by selling a single product. Data on purchases and sales for the year are as follows: Purchases: Sales: The president of the company, Connie Kilmer, has asked for your advice on which inventory cost flow method should be used for the 32,000-unit physical inventory that was taken on December 31. The company plans to expand its product line in the future and uses the periodic inventory system. Write a brief memo to Ms. Kilmer comparing and contrasting the LIFO and FIFO inventory cost flow methods and their potential impacts on the companys financial statements.
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 15 units e $18.00 cost 30 units e $15.00 cost 25 units @ $18.00 cost 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. Specific Identification-Perpetual: Goods purchased Cost of Goods Sold Inventory Balance # of units Cost per unit # of units Cost per Cost of Goods unit # of units Cost per unit Inventory Balance Date Sold sold December 7 December 14
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.
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Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 15 units for $20 each. Purchases on December 7 10 units @ $ 6.00 cost Purchases on December 14 20 units @ $12.00 cost Purchases on December 21 15 units @ $14.00 cost Required:Monson sells 15 units for $20 each on December 15. Of the units sold, eight are from the December 7 purchase and seven 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.
Required information ABC starts a merchandising business on December 1 and enters Into the following three Inventory purchases. Also, on December 15, ABC sells 25 units for $25 each. Purchases on December 7 Purchases on December 14 15 units e $18.00 cost 38 units e $15.00 cost 25 units e $18.00 cost Purchases on December 21 Required: ABC 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. ABC uses a perpetual Inventory system. Determine the costs assigned to the December 31 ending 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 units sold Cost per Cost of Goods unit # of units Cost per unit Inventory Balance Date Sold December 7 S 0.00 December 14 S 0.00 0.00 December 15 0.00 0.00 December 21 S 0.00 Totals
What's the cost per unit? tysm in advance!!
Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 23 units for $30 each.Purchases on December 7 13 units @ $12.00 costPurchases on December 14 30 units @ $18.00 costPurchases on December 21 23 units @ $22.00 costMonson sells 23 units for $30 each on December 15. Of the units sold, 10 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.
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 $25 each. Purchases on December 7 20 units @ $10.00 cost Purchases on December 14 36 units @ $15.00 cost Purchases on December 21 30 units @ $18.00 cost Required:Monson sells 30 units for $25 each on December 15. Of the units sold, 16 are from the December 7 purchase and 14 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.
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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