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Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 10 units for $50 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 8 units @ $20.00 cost 17 units @ $30.00 cost 15 units @ $36.00 cost

Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 10 units for $50 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 8 units @ $20.00 cost 17 units @ $30.00 cost 15 units @ $36.00 cost

FINANCIAL ACCOUNTING
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: Monson sells 10 units for $50 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 Cost of Goods # of units Cost per Available for unit # of units sold Cost per Cost of Goods unit Cost per unit Inventory Balance Date # of units Sold Sale December 7 December 14 December 15 December 21 Totals
Transcribed Image Text:Required: Monson sells 10 units for $50 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 Cost of Goods # of units Cost per Available for unit # of units sold Cost per Cost of Goods unit Cost per unit Inventory Balance Date # of units Sold Sale December 7 December 14 December 15 December 21 Totals
Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 10 units for $50 each. 8 units @ $20.00 cost 17 units @ $30.00 cost 15 units @ $36.00 cost Purchases on December 7 Purchases on December 14 Purchases on December 21
Transcribed Image Text:Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 10 units for $50 each. 8 units @ $20.00 cost 17 units @ $30.00 cost 15 units @ $36.00 cost Purchases on December 7 Purchases on December 14 Purchases on December 21
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