[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. Also, on December 15, Monson sells 23 units for $30 each. Purchases on December 7 13 units @ $12.00 cost Purchases on December 14 30 units @ $18.00 cost Purchases on December 21 23 units @ $22.00 cost Required:Monson sells 23 units for $30 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.)