[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
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.
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
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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3d91cf21-1f0f-4130-b4ae-a4a4f7980564%2Ff0f9bf5a-1a04-4d9f-aec7-1546000c0dbe%2F29yvjou_processed.png&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 $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
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