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 $25 each. Purchases on December 720 units @ $10.00 costPurchases on December 1436 units @ $15.00 costPurchases on December 2130 units @ $18.00 cost Requlred:Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory based on the FIFO method.Perpetual FIFO:Goods PurchasedCost of Goods SoldInventory Balance# ofUnitsCost PerUnitGoodsPurchased# ofCost PerUnitCost ofGoods SoldCost Per InventoryUnitDateUnits# of UnitsBalanceSoldDecember 7December14December15December21Totals

Name: Trey Monson starts a merchandising business on December 1 and enters i
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Description: 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 $25 each. Purchases on December 720 units @ $10.00 costPurchases on December 1436 uni

as per FIFO method - units purchased first will be sold first. given that, units available for…

Answered: Trey Monson starts a merchandising…

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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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 $25 each.


Purchases on December 7	20 units @ $10.00 cost
Purchases on December 14	36 units @ $15.00 cost
Purchases on December 21	30 units @ $18.00 cost

Requlred:
Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory based on the FIFO method.
Perpetual FIFO:
Goods Purchased
Cost of Goods Sold
Inventory Balance
# of
Units
Cost Per
Unit
Goods
Purchased
# of
Cost Per
Unit
Cost of
Goods Sold
Cost Per Inventory
Unit
Date
Units
# of Units
Balance
Sold
December 7
December
14
December
15
December
21
Totals

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