Connect Access Card For Fundamental Accounting Principles
24th Edition
ISBN: 9781260158526
Author: John J Wild
Publisher: McGraw-Hill Education
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Chapter 6, Problem 10QS
Perpetual: Assigning costs with FIFO
Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 15 units for S20 each.
Required
Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory based on the FIFO method. (Round per unit costs and inventory amounts to cents.)
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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 weighted average method. (Round your per
unit costs to 2 decimal places.)
December 7
Date
December 14
Average cost December 14
December 15
December 21
Average cost December 21
Totals
10 units @ $15.00 cost
20 units @ $21.00 cost
15 units @ $23.00 cost
# of
units
Weighted Average - Perpetual:
Goods purchased
Cost per unit Inventory Value
# of
units
sold
Cost of Goods Sold
Cost per Cost of Goods
unit
Sold
# of units
Inventory Balance
Cost per unit
Inventory
Balance
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 30 units for $35 each.
Purchases on December 7
Purchases on December 14
Purchases on December 21
Required:
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:
Date
December 7
December 14
Average cost
December 15
December 21
Average cost
Totals
# of
units
Goods purchased
20 units @ $14.00 cost
36 units @ $21.00 cost
30 units @ $25.00 cost
Cost per
unit
Inventory
Value
$ 0.00
$ 0.00
$ 0.00
# of
units
sold
Cost of Goods Sold
Cost per
unit
Cost of
Goods Sold
$ 0.00
$ 0.00
Inventory Balance
Cost per
unit
# of units
0
Inventory
Balance
$
0.00
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
Chapter 6 Solutions
Connect Access Card For Fundamental Accounting Principles
Ch. 6 - Prob. 1DQCh. 6 - Where is the amount of merchandise inventory...Ch. 6 - If costs are declining, will the LIFO or FIFO...Ch. 6 - Prob. 4DQCh. 6 - Prob. 5DQCh. 6 - Prob. 6DQCh. 6 - Prob. 7DQCh. 6 - Prob. 8DQCh. 6 - Prob. 9DQCh. 6 - Prob. 10DQ
Ch. 6 - Prob. 11DQCh. 6 - Prob. 12DQCh. 6 - Inventory ownership Homestead Crafts, a...Ch. 6 - QS 6-2 Inventory costs C2
A car dealer acquires a...Ch. 6 - Prob. 3QSCh. 6 - Perpetual: Inventory costing with FIFO P1 A...Ch. 6 - Perpetual: Inventory costing with LIFO Refer to...Ch. 6 - Perpetual Inventory costing with weighted average...Ch. 6 - Periodic: Inventory costing with FIFO P3 Refer to...Ch. 6 - Periodic: Inventory costing with LIFO Refer to the...Ch. 6 - Periodic: Inventory costing with weighted average...Ch. 6 - Perpetual: Assigning costs with FIFO Trey Monson...Ch. 6 - QS6-11
Perpetual Inventory costing with LIFO
Refer...Ch. 6 - QS 6-12
Perpetual: Inventory costing with weighted...Ch. 6 - QS6.13
Perpetual Inventory costing with specific...Ch. 6 - Periodic: Inventory costing with FIFO P3 Refer to...Ch. 6 - Periodic Inventory costing with LIFO P3 Refer to...Ch. 6 - Periodic: Inventory costing with weighted average...Ch. 6 - Periodic: Inventory costing with specific...Ch. 6 - QS 6-18 Contrasting inventory costing methods...Ch. 6 - Prob. 19QSCh. 6 - Inventory errors A2 In taking a physical inventory...Ch. 6 - Analyzing inventory A3 Endor Company begins the...Ch. 6 - Prob. 22QSCh. 6 - Inventory costs C2 A solar panel dealer acquires a...Ch. 6 - Exercise 6-1 Inventory ownership C1
1. At...Ch. 6 - Exercise 6-2
Inventory costs
C2
Walberg...Ch. 6 - Exercise 6-3 Perpetual Inventory costing methods...Ch. 6 - Exercise 6-4 Perpetual: Income effects of...Ch. 6 - Exercise 6-5A Periodic: Inventory costing P3 Refer...Ch. 6 - Exercise 6-6A Periodic: Income effects of...Ch. 6 - Exercise 6-7 Perpetual Inventory costing...Ch. 6 - Exercise 6.8 Specific identification Refer to the...Ch. 6 - Prob. 9ECh. 6 - Prob. 10ECh. 6 - Prob. 11ECh. 6 - Prob. 12ECh. 6 - Exercise 6-13 Inventory turnover and days' sales...Ch. 6 - Prob. 14ECh. 6 - Prob. 15ECh. 6 - Prob. 16ECh. 6 - Prob. 17ECh. 6 - Exercise 6-1E Perpetual inventory costing P1 Tree...Ch. 6 - Exercise 6-19APeriodic inventory costing P3 I...Ch. 6 - Problem 6-1A
Perpetual: Alternative cost...Ch. 6 - Prob. 2APSACh. 6 - Prob. 3APSACh. 6 - Prob. 4APSACh. 6 - Problem 6-5A Lower of cost or market P2 A physical...Ch. 6 - Prob. 6APSACh. 6 - Prob. 7APSACh. 6 - Prob. 8APSACh. 6 - Prob. 9APSACh. 6 - Prob. 10APSACh. 6 - Prob. 1BPSBCh. 6 - Prob. 2BPSBCh. 6 - Prob. 3BPSBCh. 6 - Prob. 4BPSBCh. 6 - Prob. 5BPSBCh. 6 - Prob. 6BPSBCh. 6 - Prob. 7BPSBCh. 6 - Prob. 8BPSBCh. 6 - Prob. 9BPSBCh. 6 - Prob. 10BPSBCh. 6 - Prob. 6SPCh. 6 - AA 6-1 Use Apple's financial statements in...Ch. 6 - AA 6-2 Comparative figures for Apple and Google...Ch. 6 - Prob. 3AACh. 6 - BTN 6-3 Golf Challenge Corp. is a retail sports...Ch. 6 - Prob. 2BTNCh. 6 - Prob. 3BTNCh. 6 - Prob. 4BTNCh. 6 - Prob. 5BTNCh. 6 - Prob. 6BTN
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