Use the following information for the Quick Study below. (Algo) (11-14)[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 $28 each.TotalPurchases on December 7Purchases on December 14Purchases on December 21QS 6-14 (Algo) Perpetual: Inventory costing with specific identification LO P1Of the units sold, 8 are from the December 7 purchase and 7 are from the December 14 purchase. Determine the costs assigned toending inventory when costs are assigned based on specific identification.Purchases:December 7December 14December 21# of unitsGoods Available for Sale1020154510 units @ $14.00 cost20 units @ $20.00 cost15 units @ $22.00 costCost perunit$14.0020.0022.00Specific IdentificationCost of GoodsAvailable forSale$$140400330870Cost of Goods SoldunitssoldCost Cost ofper unit Goods Sold20 $14.00 $020.0022.001535$2800330610Ending Inventoryunitsin endinginventoryCost per EndingunitInventory20 $14.00 $2020.0022.002060280400440$1,120

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Description: Use the following information for the Quick Study below. (Algo) (11-14)[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 purch

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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 $28 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units @ $14.00 cost 20 units @ $20.00 cost 15 units @ $22.00 cost

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 $28 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units @ $14.00 cost 20 units @ $20.00 cost 15 units @ $22.00 cost

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 $20 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 Totals December 15 Total December 15 December 21 Goods purchased # of units Cost of Goods Available for Sale 10 at $ 6.00 = $ 60.00 $ 240.00 10 units @ $ 6 cost 20 units @ $12 cost 15 units @ $14 cost Cost per unit 20 at $ 12.00 = 15 at $ 14.00 = $ 210.00 Perpetual LIFO: # of units sold 8 at Cost of Goods Sold Cost per Cost of Goods unit Sold $ 6.00 = $ 48.00 48.00 Inventory Balance # of units 10 at 10 at 20 at 2 at 2 at 2 at 13 at 15 at Cost per unit $ 6.00 = $6.00 =…
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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
Requlred Information 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 $35 each. Purchases on December 7 20 units @ $14.ee cost 36 units e $21.00 cost 30 units e $25.00 cost Purchases on December 14 Purchases on December 21 Requlred: Monson sells 30 units for $35 each on December 15. Monson uses a perpetual inventory system. Determine the costs assigne 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 Available for Sale # of units sold Cost per # of units Cost per Cost of Goods unit # of units Cost per unit Inventory Balance Date unit Sold December 7 0.00 December 14 0.00 0.00 December 15 December 21 0.00 Totals
Requlred Informatlon 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 $35 each. Purchases on December 7 20 units @ $14.00 cost 36 units @ $21.e0 cost 30 units @ $25.00 cost Purchases on December 14 Purchases on December 21 Requlred: Monson sells 30 units for $35 each on December 15. Of the units sold, 16 are from the December 7 purchase and 14 are fre December 14 purchase. Monson uses a perpetual Inventory system. Determine the costs assigned to the December 31 end Inventory when costs are assigned based on specific Identification. Specific Identification-Perpetual: Goods purchased Cost of Goods Sold Inventory Balance # of # of units Cost per unit Cost per Cost of Goods unit # of units Cost per unit Inventory Balance Date units sold Sold December 7 0.00 December 14 0.00 0.00 December 15 0.00 0.00 December 21 $ 0.00 Totals
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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 $39 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units@ $25.00 cost 20 units@ $31.00 cost 15 units @ $33.00 cost Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method.
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.
! 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 $36 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 Totals December 15 Total December 15 December 21 10 units @ $22.00 cost 20 units @ $28.00 cost 15 units @ $30.00 cost Goods Purchased # of Units 10 at Cost Per Unit Goods Purchased $22.00 = 20 at $28.00 II $ 220.00 $ 560.00 15 at $30.00 = $ 450.00 Perpetual FIFO: of Units Sold Cost of Goods Sold 15 at Cost Per Cost of Goods Unit Sold $28.00 = $ 420.00 $ 420.00 Inventory Balance Cost Per Unit # of Units 10 at $ 22.00 = 10 at $ 22.00 = 20 at $28.00 = 30 at $30.00 =…
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.
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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 $26 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units @ $12.00 cost 20 units @ $18.00 cost 15 units @ $20.00 cost Required: Determine the costs assigned to the December 31 ending inventory based on the FIFO method. Perpetual FIFO: Goods Purchased Date # of Units Cost Per Unit Goods Purchased # of Units Sold Cost of Goods Sold Cost Per Cost of Goods Unit Sold Inventory Balance # of Units Cost Per Unit Inventory Balance December 7 December 14 Total December 14 December 15 Total December 15 December 21 Totals