Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 18 units for $10 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 8 units e $4.00 cost 26 units e $6.00 cost 18 units e $7.00 cost Requlred: Monson sells 18 units for $10 each on December 15. Monson uses a perpetual inventory system. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Round your per unlt costs to 2 decimal places.)

Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 18 units for $10 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 8 units e $4.00 cost 26 units e $6.00 cost 18 units e $7.00 cost Requlred: Monson sells 18 units for $10 each on December 15. Monson uses a perpetual inventory system. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Round your per unlt costs to 2 decimal places.)

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter6: Inventories

Section: Chapter Questions

Problem 4TIF: Communication Golden Eagle Company began operations on April 1 by selling a single product. Data on...

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Communication Golden Eagle Company began operations on April 1 by selling a single product. Data on purchases and sales for the year are as follows: Purchases: Sales: The president of the company, Connie Kilmer, has asked for your advice on which inventory cost flow method should be used for the 32,000-unit physical inventory that was taken on December 31. The company plans to expand its product line in the future and uses the periodic inventory system. Write a brief memo to Ms. Kilmer comparing and contrasting the LIFO and FIFO inventory cost flow methods and their potential impacts on the companys financial statements.
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 15 units e $18.00 cost 30 units e $15.00 cost 25 units @ $18.00 cost 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. Specific Identification-Perpetual: Goods purchased Cost of Goods Sold Inventory Balance # of units Cost per unit # of units Cost per Cost of Goods unit # of units Cost per unit Inventory Balance Date Sold sold December 7 December 14
Requlred Informatlon Trey Monson starts a merchandising business on December 1 and enters into three inventory purchases: Purchases on December 7 Purchases on December 14 16 units @ $1e.00 cost 33 units e $15.00 cost 26 units e $18.00 cost Purchases on December 21 Requlred: Monson sells 26 units for $25 each on December 15. Assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Amounts to be deducted should be Indicated with a mlnus sign. Round cost per unlts to 2 declmals.) Periodic Weighted Average Inventory on hand Cost of Goods Sold Cost per unit Inventory Value # of units Avg.Cost per unit Cost of # of units sold Goods Sold Purchase - December 7 Purchase - December 14 Purchase - December 21 Available for Sale December Sales Total
Required information ABC starts a merchandising business on December 1 and enters Into the following three Inventory purchases. Also, on December 15, ABC sells 25 units for $25 each. Purchases on December 7 Purchases on December 14 15 units e $18.00 cost 38 units e $15.00 cost 25 units e $18.00 cost Purchases on December 21 Required: ABC 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. ABC uses a perpetual Inventory system. Determine the costs assigned to the December 31 ending 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 units sold Cost per Cost of Goods unit # of units Cost per unit Inventory Balance Date Sold December 7 S 0.00 December 14 S 0.00 0.00 December 15 0.00 0.00 December 21 S 0.00 Totals
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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. 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.
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
Requlred Information Trey Monson starts a merchandising business on December 1 and enters Into the followlng 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 e s25.00 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 assigned to ending Inventory when costs are assigned based on the weighted average method. (Round your per unit costs to 2 decimal places.) Weighted Average - Perpetual: Goods purchased Cost of Goods Sold Inventory Balance # of units Cost per unit Inventory Value # of units sold Cost per unit Cost of Goods Sold Cost per unit Inventory Balance Date # of units December 7 S 0.00 December 14 S 0.00 Average cost December 15 0.00 0.00 December 21 S 0.00 Average cost Totals 0.00
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.e0 cost 36 units @ $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 assigned to ending Inventory when costs are assigned based on the weighted average method. (Round your per unit costs to 2 decimal places.) * Answer is not complete. Weighted Average - Perpetual: Cost of Goods Sold Cost Goods purchased Inventory Balance # of units sold Cost # of units Cost per unit Inventory Value Cost of Inventory Balance Date # of units per unit per unit Goods Sold December 7 20 S 14.00 IS 280.00 20 O@ IS 14.00 S 280.00 S 21.00 IS 14.00 IS 21.00 December 14 36 O@ 56 X@ S 784.00 =D 756.00 Average cost 56 S 784.00…
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Required Information ABC starts a merchandising business on December 1 and enters Into the following three Inventory purchases. Also, on December 15, ABC sells 25 units for $25 each. Purchases on December 7 15 units e $18.00 cost 30 units e $15.ee cost 25 units e $18.00 cost Purchases on December 14 Purchases on December 21 Requlred: ABC sells 25 unlts for $25 each on December 15. ABC 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 Cost per Cost of Goods # of units Cost per unit Cost of Goods Available for Sale Cost per unit Inventory Balance Date units sold # of units unit Sold December 7 December 14 December 15 December 21 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. 20 units e $14.00 cost 36 units e $21.00 cost 30 units e $25.00 cost Purchases on December 7 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 assigned to ending inventory when costs are assigned based on the weighted average method. (Round your per unlt costs to 2 decimal places.) Weighted Average - Perpetual: Inventory Balance Cost of Goods Sold # of units Goods purchased # of units Cost per Cost per unit Cost per Inventory Value Cost of # of units Inventory Balance Date unit Goods Sold unit sold December 7 December 14 Average cost December 15 December 21 Average cost Totals