[The following information applies to the questionsdisplayed below.]Trey Monson starts a merchandising business on December1 and enters into the following three inventory purchases.Monson uses a perpetual inventory system. Also, onDecember 15, Monson sells 15 units for $23 each.Purchases on December 7Purchases on December 14Purchases on December 2110 units @ $9.00 cost20 units @ $15.00 cost15 units @ $17.00 costDetermine the costs assigned to ending inventory when costsare assigned based on the LIFO method.Perpetual LIFO:Goods purchasedCost of Goods SoldCost of Goods# ofDateCost perCost per Cost of (unit# of unitsAvailable forunitsunitSolSalesoldDecember 710 at$9.00$90.0020 at$ 15.00$ 300.00December 14Total December 1415 at$ 23.00 =December 15Total December 1515 at$ 17.00$ 255.00%3DDecember 21Totals g business on Decembere inventory purchases./ system. Also, on5 for $23 each.) units @ $9.00 costunits @ $15.00 costunits @ $17.00 costnding inventory when costsethod.Perpetual LIFO:isedCost of Goods SoldInventory BalanceCost of Goods# ofCost per Cost of GoodsunitCost perInventoryBalanceAvailable forunits# of unitsSoldunitSalesold$90.00$ 300.00at%3Dat$0.0015 at$ 23.00 =$ 345.00atat$ 255.00$ 345.00

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Description: [The following information applies to the questionsdisplayed below.]Trey Monson starts a merchandising business on December1 and enters into the following three inventory purchases.Monson uses a perpetual inventory system. Also, onDecember 15, Monso

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Accounting

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 $23 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units @ $9.00 cost 20 units @ $15.00 cost 15 units @ $17.00 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 $23 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units @ $9.00 cost 20 units @ $15.00 cost 15 units @ $17.00 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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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 $29 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 December 15 Totals Total December 15 December 21 10 units @ $15.00 cost 20 units @ $21.00 cost 15 units @ $23.00 cost Goods purchased # of units Cost per unit Cost of Goods Available for Sale Perpetual LIFO: # of units sold Cost of Goods Sold Cost per Cost of Goods unit Sold Inventory Balance Cost per unit # of units Inventory Balance
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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