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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 30 units for $35 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 20 units @ $14.00 cost 36 units @ $21.e0 cost 30 units @ $25.00 cost

Trey Monson starts a merchandising business on December 1 and enters Into the following three Inventory purchases. Also, on December 15, Monson sells 30 units for $35 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 20 units @ $14.00 cost 36 units @ $21.e0 cost 30 units @ $25.00 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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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 @ $21.00 cost 30 units @ $25.00 cost Purchases on December 14 Purchases on December 21 Requlred: Monson uses a perpetual Inventory system. Determine the costs assigned to the December 31 ending Inventory based on the FIFO method. * Answer is not complete. Perpetual FIFO: Goods Purchased Cost of Goods Sold Inventory Balance # of Units Sold Cost Cost Per Unt Cost Per Unit # of Goods Purchased Cost of Inventory Balance Date Per Unit # of Units Units Goods Sold December 7 IS 14.00 S 280.00 20 @ 20 | 14.00 280.00 December 14 IS 21.00 S 14.00 36 O @ 20 V S 280.00 = 756.00 36 O@ S 21.00 756.00 = S 1.036.00 December 15 20 O@ S 20.00 S400.00 10 O@ S 150.00 15.00 IS 25.00 December 30 O@ 21 750.00 Totals S 550.00
Transcribed Image Text: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 @ $21.00 cost 30 units @ $25.00 cost Purchases on December 14 Purchases on December 21 Requlred: Monson uses a perpetual Inventory system. Determine the costs assigned to the December 31 ending Inventory based on the FIFO method. * Answer is not complete. Perpetual FIFO: Goods Purchased Cost of Goods Sold Inventory Balance # of Units Sold Cost Cost Per Unt Cost Per Unit # of Goods Purchased Cost of Inventory Balance Date Per Unit # of Units Units Goods Sold December 7 IS 14.00 S 280.00 20 @ 20 | 14.00 280.00 December 14 IS 21.00 S 14.00 36 O @ 20 V S 280.00 = 756.00 36 O@ S 21.00 756.00 = S 1.036.00 December 15 20 O@ S 20.00 S400.00 10 O@ S 150.00 15.00 IS 25.00 December 30 O@ 21 750.00 Totals S 550.00
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