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 $37 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 QS 5-12 (Algo) Perpetual: Inventory costing with LIFO LO P1 Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. Date December 7 December 14 Total December 14 December 15 Totals Total December 15 December 21 10 units @ $23.00 cost 20 units @ $29.00 cost 15 units @ $31.00 cost Goods purchased # of units Cost per unit Cost of Goods Available for Sale 69 $ 69 $ Perpetual LIFO: 0.00 0.00 0.00 # of units sold Cost of Goods Sold Cost per Cost of Goods unit Sold Inventory Balance Cost per unit # of units Inventory Balance $ 0.00

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 $37 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 QS 5-12 (Algo) Perpetual: Inventory costing with LIFO LO P1 Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. Date December 7 December 14 Total December 14 December 15 Totals Total December 15 December 21 10 units @ $23.00 cost 20 units @ $29.00 cost 15 units @ $31.00 cost Goods purchased # of units Cost per unit Cost of Goods Available for Sale 69 $ 69 $ Perpetual LIFO: 0.00 0.00 0.00 # of units sold Cost of Goods Sold Cost per Cost of Goods unit Sold Inventory Balance Cost per unit # of units Inventory Balance $ 0.00

Name: Trey Monson starts a merchandising business on December 1 and enters
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Description: Trey Monson starts a merchandising business on December 1 and enters into the following three inventorypurchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 15 units for $37 each.Purchases on December 7Purchases on

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 information [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 $34 each. Purchases on December 7 Purchases on December 14 10 units @ $20.00 cost 20 units @ $26.00 cost Purchases on December 21 15 units @ $28.00 cost Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method.
please answer 4 and 5? answer are at the bottom what is the process to get these answers
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