Required information[The following information applies to the questionsdisplayed below.]Trey Monson starts a merchandising business on December1 and enters into the following three inventory purchases.Monson uses a perpetual inventory system. Also, onDecember 15, Monson sells 15 units for $35 each.Purchases on December 710 units @ $21.00 cost20 units @ $27.00 cost15 units @ $29.00 costPurchases on December 14Purchases on December 21Required:Determine the costs assigned to the December 31 endinginventory based on the FIFO method.Perpetual FIFO:Goods PurchasedCost of Goods Sold# ofDateCost PerGoodsCost Per Cost of (# of UnitsUnitsUnitPurchasedUnitSoliSoldDecember 710at$ 9.00$ 90.00$ 15.00$ 75.00at=December 14Total December 14December 15Total December 1515at$ 17.00$ 255.00December 21Totals ɔ the questionsy business on Decemberinventory purchases.system. Also, onfor $35 each.units @ $21.00 costunits @ $27.00 costunits @ $29.00 costthe December 31 ending1od.Perpetual FIFO:Cost of Goods Sold# ofUnitsedInventory BalanceGoodsCost Per Cost of GoodsCost PerInventory# of UnitsPurchasedUnitSoldUnitBalanceSold$ 90.00$ 75.00$ 255.00

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Description: Required information[The following information applies to the questionsdisplayed below.]Trey Monson starts a merchandising business on December1 and enters into the following three inventory purchases.Monson uses a perpetual inventory system. Also,

Inventory valuation method includes: FIFO Method LIFO Method Weighted average Method FIFO Method -…

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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 $35 each. Purchases on December 7 10 units @ $21.00 cost 20 units @ $27.00 cost 15 units @ $29.00 cost Purchases on December 14 Purchases on December 21 Required: Determine the costs assigned to the December 31 ending inventory based on the FIFO method.

[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 10 units @ $21.00 cost 20 units @ $27.00 cost 15 units @ $29.00 cost Purchases on December 14 Purchases on December 21 Required: Determine the costs assigned to the December 31 ending inventory based on the FIFO method.

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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Required:Determine the costs assigned to the December 31 ending inventory based on the FIFO method.
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 perpetual inventory system. Also, on December 15, Monson sells 29 units for $45 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 QS 5-15A (Algo) Perpetual: Assigning costs with FIFO LO P3 Required: Determine the costs assigned to the December 31 ending inventory based on the FIFO method. Date December 7 December 14 Total December 14 December 15 Totals Total December 15 December 21 19 units @ $18.00 cost 35 units @ $27.00 cost 29 units @ $32.00 cost Goods Purchased Number of Cost Per Units Unit Perpetual FIFO: Goods Purchased 19 at $ 18.00 = $ 342.00 35 at $ 27.00 = $ 945.00 29 at $ 32.00 = $ 928.00 Cost of Goods Sold Number of Units Sold Cost Per Cost of Goods Unit…