[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 $21 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units @ $7.00 cost 20 units @ $13.00 cost 15 units @ $15.00 cost Required: Determine the costs assigned to the December 31 ending inventory based on the FIFO method. Perpetual FIFO: Goods Purchased Cost of Goods Sold Inventory Balance Date # of Units Cost Per Unit Goods Purchased # of Units Sold Cost Per Cost of Goods Unit Sold # of Units Cost Per Unit Inventory Balance December 7 December 14 Total December 14 December 15 Total December 15 December 21 Totals
[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 $21 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units @ $7.00 cost 20 units @ $13.00 cost 15 units @ $15.00 cost Required: Determine the costs assigned to the December 31 ending inventory based on the FIFO method. Perpetual FIFO: Goods Purchased Cost of Goods Sold Inventory Balance Date # of Units Cost Per Unit Goods Purchased # of Units Sold Cost Per Cost of Goods Unit Sold # of Units Cost Per Unit Inventory Balance December 7 December 14 Total December 14 December 15 Total December 15 December 21 Totals
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![[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 $21 each.
Purchases on December 7
Purchases on December 14
Purchases on December 21
10 units @ $7.00 cost
20 units @ $13.00 cost
15 units @ $15.00 cost
Required:
Determine the costs assigned to the December 31 ending inventory based on the FIFO method.
Perpetual FIFO:
Goods Purchased
Cost of Goods Sold
Inventory Balance
Date
# of Units
Cost Per
Unit
Goods
Purchased
# of
Units
Sold
Cost Per Cost of Goods
Unit
Sold
# of Units
Cost Per
Unit
Inventory
Balance
December 7
December 14
Total December 14
December 15
Total December 15
December 21
Totals](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F68d7f634-e679-47e3-bc2c-dbe4806844b5%2F30c41d4e-c0db-42b0-9b8a-29a1f040463b%2Ft3x8c5_processed.jpeg&w=3840&q=75)
Transcribed Image Text:[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 $21 each.
Purchases on December 7
Purchases on December 14
Purchases on December 21
10 units @ $7.00 cost
20 units @ $13.00 cost
15 units @ $15.00 cost
Required:
Determine the costs assigned to the December 31 ending inventory based on the FIFO method.
Perpetual FIFO:
Goods Purchased
Cost of Goods Sold
Inventory Balance
Date
# of Units
Cost Per
Unit
Goods
Purchased
# of
Units
Sold
Cost Per Cost of Goods
Unit
Sold
# 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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