Trey Monson starts a merchandising business on December 1 and enters into the following three inventory...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
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 30 units for $50 each. 20 units @ $20.00 cost 34 units @ $30.00 cost 30 units @ $36.00 cost 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. Perpetual LIFO: Goods purchased Cost of Goods Sold Inventory Balance Cost of Goods # of Date Cost per Cost of Goods Sold Cost per Cost per unit Inventory Balance # of units # of units Available for Sale units sold unit unit December 7 20 at $ 20.00 $ 400.00 20 at $ 20.00 = $ 400.00 %3D 34 at $ 30.00 $ 1,020.00 20 at $ 20.00 = $ 400.00 December 14 34 at $ 30.00 = 1,020.00 Total December 14 $1,420.00 30 at December 15 Total December 15 $ 0.00 December 21 Totals 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 30 units for $50 each. 20 units @ $20.00 cost 34 units @ $30.00 cost 30 units @ $36.00 cost 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. Perpetual LIFO: Goods purchased Cost of Goods Sold Inventory Balance Cost of Goods # of Date Cost per Cost of Goods Sold Cost per Cost per unit Inventory Balance # of units # of units Available for Sale units sold unit unit December 7 20 at $ 20.00 $ 400.00 20 at $ 20.00 = $ 400.00 %3D 34 at $ 30.00 $ 1,020.00 20 at $ 20.00 = $ 400.00 December 14 34 at $ 30.00 = 1,020.00 Total December 14 $1,420.00 30 at December 15 Total December 15 $ 0.00 December 21 Totals
Expert Answer:
Answer rating: 100% (QA)
Book1 Microsoft Excel File Home Insert Page Layout Formulas Data Review View E3 Cut AutoSum Calibri ... View the full answer
Related Book For
Fundamental Accounting Principles
ISBN: 978-0078110870
20th Edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
Posted Date:
Students also viewed these accounting questions
-
Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. During December, Monson sells 15 units for $ 20 each on December 15. Purchases on...
-
Mercedes Brown starts a merchandising business on December 1 and enters into three inventory purchases: Brown sells 18 units for $35 each on December 15. Seven of the sold units are from the December...
-
Mercedes Brown starts a merchandising business on December 1 and enters into three inventory purchases: December 7 10 units @ $ 9 cost December 14 20 units @ $10 cost December 21 15 units @ $12 cost...
-
Dew Company employs standard costing and applies overhead based upon machine labor hours. Monthly production is scheduled at 500 units. Standard and actual data for the month is as follows: Standards...
-
What are the basic criticisms that PETA makes of KFC? Are they convincing? Are its criticisms similar to timeless criticisms of business mentioned in the chapter?
-
What are the day-to-day duties of this occupation? How would these duties contribute to the financial success of a company?
-
Your company continues to have the stinky job of processing halibut livers detailed in Problem 14.E1. Halibut arrive in batches on the fishing boats, so you decide to evaluate a continuous solvent...
-
Finer Company uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements journal, and a general journal. The following transactions occur in the month of May. May 2 Sold...
-
1)List some physical and behavioral indicators that you feel may aid you, as a police officer, in making a determinationthat there is a likelihood that physical, psychological, emotional, neglect,...
-
Based on the information presented in the minicase, and the discussion in both Chapter 2 and this chapter, to what extent does Elon Musk fit the general charac- teristics of an entrepreneur and a...
-
Once the _____________ of break-open actions are removed, the rest of the fire control group is easily disassembled.
-
Buying the House You are in college, ready to pursue a career. What is your intended career? What is the average salary for that career? Where would you like to live? The House: You will make a m...
-
Basi di Dati - Modulo 1 10 gennaio 2023 (esame del 22 marzo 2022) 1) Consider the following database of a given company EMPLOYEE(TaxCode, Code, Name, Surname, BirthDate, Appointment Date, Role,...
-
A special racing car starts from rest and accelerates in a straight line with a constant acceleration of 12.5 m/s. After 384 metres, it deploys a parachute which results in a deceleration of kv where...
-
Winnie Enterprises Ltd have an outstanding R1 000 par value bond, with 15 years to the maturity date. The bond pays a coupon at a rate of 6% per annum. Required: (i) (ii) (!!!) Calculate the value of...
-
What are some of the benefits that a company can gain from implementing an Enterprise Resource Planning (ERP) system?
-
I have a blocksworld problem written in clips that must take a "stack" of blocks and rearrange it into a "goal-stack" of blocks. You will be given an initial configuration of blocks and a goal...
-
Classify each of the following as direct costs or indirect costs of operating the Pediatrics ward for children at the Cleveland Clinic: a. Wi-Fi covering the entire hospital campus b. Net cost of...
-
Following are two income statements for Kendall Co. for the year ended December 31. The left column is prepared before any adjusting entries are recorded, and the right column includes the effects of...
-
Sedona Systems issues bonds dated January 1, 2011, that pays interest semiannually on June 30 and December 31. The bonds have a $45,000 par value and an annual contract rate of 12%, and they mature...
-
What is the purpose of using standard costs?
-
A blank income statement for Wightmans Lumber is included in the Working Papers. 1. Use the following information to prepare Wightman Lumbers January income statement reporting contribution margin....
-
An income statement for Cheries Pizza is included in the Working Papers. 1. Use the following information to calculate the breakeven point in sales dollars and unit sales for July. The August...
-
Use the working papers and data from Work Together 15-2. Forms for completing this Work Together are provided in the Working Papers. Your instructor will guide you through the following examples. 1....
Study smarter with the SolutionInn App