Trey Monson Starts A Merchandising Business On December 1 And Enters Into The Following Three Inventory Purchases Monso 1 (51.31 KiB) Viewed 10 times
Based on LIFO method
Trey Monson Starts A Merchandising Business On December 1 And Enters Into The Following Three Inventory Purchases Monso 2 (58.46 KiB) Viewed 10 times
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 Required: Determine the costs assigned to the December 31 ending Inventory based on the FIFO method. Date December 7 December 14 Total December 14 December 15 Total December 15 December 21 Tocals Goods Purchased Cost Per Unit of Units 10 at 10 units @ $15.00 cost 20 units @ $21.00 cost 15 units@ $23.00 cost $15.00 20 at $ 21.00 Goods Purchased = W. 15 at $ 23.00- $ 150.00 Perpetual FIFO $ 420.00 $345.00 #of Units Sold Cost of Goods Sold 15 at Cost Per Cost of Goods Unit Sold $ 21.00- $ 315.00 $ 315,00 Inventory Balance Cost Per Unit of Units 10 at 20 at 15 at 15 at $ 15.00- $ 21.00- Inventory Balance $ 150.00 $ 420.00 $ 420.00
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 Total December 15 Totals 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 S $ 0.00 Perpetual LIFO: 0.00 $ 0,00 # of units sold Cost of Goods Sold Cost per Cost of Goods unit Sold Inventory Balance # of units Cost per unit Inventory Balance $ 0.00
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