1. 100 points Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 28 units for $35 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 18 units @ $14.00 cost 33 units @ $21.00 cost 28 units @ $25.00 cost Required: Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory based on the FIFO method. Perpetual FIFO: Inventory Balance Goods Purchased Cost Per Goods Unit Purchased Cost of Goods Sold #of Cost Per Cost of Units Date # of Units # of Units Cost Per llit Inventory Balance Sold Unit Goods Sold December 7 December 14 December 15 December 21 100 points Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases: Purchases on December 7 Purchases on December 14 Purchases on December 21 15 units @ $18.00 cost 29 units $27.00 cost 25 units @ $32.00 cost Required: Monson sells 25 units for $45 each on December 15. Monson uses a perpetual inventory system Determine the costs assigned to the December 31 ending inventory when costs are assigned based on LIFO. Perpetual LIFO Cost of Goods Sold Inventory Balance Goods purchased Cost of Cost per Goods unit Available for Date of units of units sold Cost per 1 unit Cost of Goods Sold # of units Cost per unit Inventory Balance Sale December 7 15 @ S 18.00 - = 15 @ S 18.00- S 270.00 $270.00 $ 0.00 December 14 December 15 $ 27.00 - $ 0.00 3 18.00 - $ 27.00 - December 21 S 32.00 - $ 0.00 $ 18.00 1.00 points Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases: Purchases on December 7 Purchases on December 14 Purchases on December 21 18 units @ $10.00 cost 35 units @ $15.00 cost 28 units @ $18.00 cost Required: Monson sells 28 units for $25 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: Goods purchased Inventory Balance # of units Date Cost per unit Inventory Value Cost of Goods Sold units Cost per Cost of sold unit Goods Sold 00 of units Cost per unit Inventory Balance December 7 18 @ 10.00 - $180.00 || 18 @ S 10.00 - S 180.00 December 14 $ 0.00 Average cost $ 0.00 December 15 $ 0.00 $ 13.30 - December 21 Average cost Totals 10. 1.00 points Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases Purchases on December 7 Purchases on December 14 Purchases on December 21 15 units @ $18.00 cost 30 units @ $27.00 cost 25 units @ $32.00 cost Required: Monson sells 25 units for $45 each on December 15. Of the units sold, 12 are from the December 7 purchase and 13 are from the December 14 purchase. Monson uses a perpetual inventory system Determine the costs assigned to the December 31 ending inventory when costs are assigned based on specific identification Specific Identification-Perpetual: Goods purchased Date of units Cost per unit 15 @ S 18.00 - December 14 30 @ $ 27.00 - of sold Cost of Goods Sold Cost per Cost of unit Goods Sold #of units Inventory Balance Cost per Inventory unit Balance $270.00 2000 $810.00 $ 27.00 11 December 15 December 21 25 @ $ 32.00 $800.00 $ 27.00 - $ 32.00 Totals
