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 $29 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 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 10 units @ $15.00 cost 20 units @ $21.00 cost 15 units @ $23.00 cost Goods Purchased Cost Per Unit # of Units Goods Purchased Perpetual FIFO: # of Units Sold Cost of Goods Sold Cost Per Cost of Goods Unit Sold Inventory Balance Cost Per Unit # of Units Inventory Balance

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 $29 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 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 10 units @ $15.00 cost 20 units @ $21.00 cost 15 units @ $23.00 cost Goods Purchased Cost Per Unit # of Units Goods Purchased Perpetual FIFO: # of Units Sold Cost of Goods Sold Cost Per Cost of Goods Unit Sold Inventory Balance Cost Per Unit # of Units Inventory Balance

Name: Trey Monson starts a merchandising business on December 1 and enters
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Trey Monson starts a merchandising business on December 1 and enters into the following threeinventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 15units for $29 each.Purchases on December 7Purchases on D

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Crane's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Crane's purchases of Xpert snowboards during September is shown below. During the same month, 121 Xpert snowboards were sold. Crane's uses a perpetual inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 Date Sept. 5 Sept. 16 Sept. 29 Explanation Units Inventory Purchases Purchases Purchases Totals Sale Sale Sale Totals Units 59 23 121 45 20 44 132 12 HK$1.592 50 Unit Price Show Transcribed Text Unit Cost HK$776 Show Transcribed Text Ending Inventory FIFO 1,624 The ending inventory HK$ 1.672 Show Transcribed Text 816 832 840 Total Cost HK$ 17,848 HK$ Ending Inventory Average HK$ 36,720 16,640 36,960 Compute ending inventory at September 30 using FIFO and moving-average cost. (Round per unit cost to 2 decimal places, e.g. 15.25 and final answers to O decimal places, e.g. 125.) HK$108,168 Total Cost HK$19.104 HK$198,952 81,200 98.648 Compare ending inventory using a perpetual…
Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Units Sold at Retail Units Acquired at Cost 100 units @ $50 per unit 400 units@ $55 per unit Date Mar. Mar. Mar. Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Activities 1 Beginning inventory 5 Purchase 9 Sales 420 units @ $85 per unit 120 units @ $60 per unit 200 units @ $62 per unit 160 units @ $95 per unit Totals 820 units 580 units 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, the March 9 sale consisted of 80 units from beginning inventory and 340 units from the March 5 purchase; the March 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 25 purchase. es Complete this question by einering your answers in the tabs below. Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to…
Required information Trey Monson starts a merchandising business on December 1 and enters Into the following three inventory purchases. Also, on December 15, Monson sells 25 units for $25 each. Purchases on December 7 Purchases on Decenber 14 Purchases on December 21 15 units e $10.00 cost Je units e $15.00 cost 25 units e $18.00 cost Required: Monson sells 25 units for $25 each on December 15. Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory when costs are assigned based on LIFO. Perpetual LIFO: Goods purchased Cost of Goods Sold Inventory Balance # of units Cost of Goods Cost per Available for # of units sold Cost per Cost of Goods unit Cost per unit Inventory Balance Date # of units unit Sold Sale December 7 Docember 14
Use the following information for the Quick Study below. (Algo) (11-14) Skip to question [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 $31 each.   Purchases on December 7 10 units @ $17.00 cost Purchases on December 14 20 units @ $23.00 cost Purchases on December 21 15 units @ $25.00 cost QS 5-14 (Algo) Perpetual: Inventory costing with specific identification LO P1 Of the units sold, eight are from the December 7 purchase and seven are from the December 14 purchase. Determine the costs assigned to ending inventory when costs are assigned based on specific identification.
Required information Use the following information for the Quick Study below. (Algo) (11-14) Skip to question [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 $27 each.   Purchases on December 7 10 units @ $13.00 cost Purchases on December 14 20 units @ $19.00 cost Purchases on December 21 15 units @ $21.00 cost QS 5-14 (Algo) Perpetual: Inventory costing with specific identification LO P1 Of the units sold, eight are from the December 7 purchase and seven are from the December 14 purchase. Determine the costs assigned to ending inventory when costs are assigned based on specific identification.
Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 30 units for $25 each.   Purchases on December 7 20 units @ $10.00 cost Purchases on December 14 36 units @ $15.00 cost Purchases on December 21 30 units @ $18.00 cost
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.
Use the following information for the Quick Study below. (Algo) (11-14) Skip to question [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 $27 each. Purchases on December 7 10 units @ $13.00 cost Purchases on December 14 20 units @ $19.00 cost Purchases on December 21 15 units @ $21.00 cost 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.
Required information Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 25 units for $25 each. Purchases on December 7. 15 units @ $10.00 cost 30 units @ $15.00 cost 25 units @ $18.00 cost Purchases on December 14 Purchases on December 21 Required: Monson sells 25 units for $25 each on December 15. Of the units sold, 12 are from the December 7 purchase and 13 are from the December 14 purchase. Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory when costs are assigned based on specific identification.
None