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 30 units for $35 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 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 Total December 15 20 units @ $14.00 cost 36 units @ $21.00 cost 30 units @ $25.00 cost Goods purchased Number of Cost per units unit Cost of Goods Available for Sale Perpetual LIFO: Cost of Goods Sold Number : of units sold Inventory Balance. Cost per unit Cost per Cost of Goods Number of unit Sold units 35 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 30 units for $35 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 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 Total December 15 20 units @ $14.00 cost 36 units @ $21.00 cost 30 units @ $25.00 cost Goods purchased Number of Cost per units unit Cost of Goods Available for Sale Perpetual LIFO: Cost of Goods Sold Number : of units sold Inventory Balance. Cost per unit Cost per Cost of Goods Number of unit Sold units 35 Inventory Balance

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Description: answer in text form please (without image) 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 30 units for $35

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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