[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 ulred: ermine the costs assigned to the December 31 ending inventory based on the FIFO method. Date cember 7 cember 14 cal December 14 cember 15 tal December 15 ecember 21 # of Units 10 20 Goods Purchased 174 Cost Per Unit at at 15 at $ 21.00 $ 27.00 10 units@ $21.00 cost 20 units @ $27.00 cost 15 units@ $29.00 cost S 29.00 S Goods Purchased $ 210.00 = # E $ 540.00 $ 435.00 Perpetual FIFO # of Units Sold XX 30 X at Cost of Goods Sold Cost Per Unit $ 27.00 tals text indicates no response was expected in a cell or a formuls-based calculation is incorrect, no points dequcted. E Cost of Goods Sold $810.00 $810.00 # of Units 10 20 > X X x Inventory Balance at 15 at at Cost Per Unit 21.00 S 27.00 29.00 ✓= = = Inventory Balance $210.00 $540.00 $540.00 $435.00 $435.00

[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 ulred: ermine the costs assigned to the December 31 ending inventory based on the FIFO method. Date cember 7 cember 14 cal December 14 cember 15 tal December 15 ecember 21 # of Units 10 20 Goods Purchased 174 Cost Per Unit at at 15 at $ 21.00 $ 27.00 10 units@ $21.00 cost 20 units @ $27.00 cost 15 units@ $29.00 cost S 29.00 S Goods Purchased $ 210.00 = # E $ 540.00 $ 435.00 Perpetual FIFO # of Units Sold XX 30 X at Cost of Goods Sold Cost Per Unit $ 27.00 tals text indicates no response was expected in a cell or a formuls-based calculation is incorrect, no points dequcted. E Cost of Goods Sold $810.00 $810.00 # of Units 10 20 > X X x Inventory Balance at 15 at at Cost Per Unit 21.00 S 27.00 29.00 ✓= = = Inventory Balance $210.00 $540.00 $540.00 $435.00 $435.00

Name: Required:Determine the costs assigned to the December 31 ending invent
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Description: 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 fol

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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