1) Required information

Use the following information for the Quick Study below.

Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 25 units for $45 each.

Purchases on December 7	15 units @ $18.00 cost
Purchases on December 14	29 units @ $27.00 cost
Purchases on December 21	25 units @ $32.00 cost

QS 5-11 Perpetual: Inventory costing with LIFO LO P1

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.

2) Purchase March 1 = 100 units @ $50 each March 5 = 400 unites @ $55 each March 18 = 120 unites @ $60 each March 25 = 200 unites @ $ 62 each Sales March 9 = 420 unites @ $ 85 each March 29 = 160 unites @ $95 each

1(a). Compute the number of units available for sale in March. 1(b). Compute the number of units in ending inventory on March 31. 2. Compute the cost assigned to ending inventory using specific identification. Note: The March 9 sale consists of 80 units from March 1 purchase and 340 units from the March 5 purchase; the March 29 sale consists of 40 units from the March 18 purchase and 120 units from the March 25 purchase.

3 ) Required information

Use the following information for the Quick Study below.

Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 25 units for $45 each.

Purchases on December 7	15 units @ $18.00 cost
Purchases on December 14	29 units @ $27.00 cost
Purchases on December 21	25 units @ $32.00 cost

QS 5-12 Perpetual: Inventory costing with weighted average LO P1

Required: Monson sells 25 units for $45 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.)

4) Use the following information for the Quick Study below.

Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 25 units for $45 each.

Purchases on December 7	15 units @ $18.00 cost
Purchases on December 14	29 units @ $27.00 cost
Purchases on December 21	25 units @ $32.00 cost

QS 5-13 Perpetual: Inventory costing with specific identification LO P1

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.

Cost of Goods Sold Inventory Balance Goods purchased Cost Cost of Goods per unit Available for Sale Cost # of units Date # of units sold per Cost of Goods Sold # of units Cost per unit Inventory Balance unit 18.00 $270.00 15 @ 18.00 $ 270.00 ber December 15 29 @ @ - = $783.00 15 @ 14 = 18.00 29 @ 27.00 $ 270.00 783.00 $ 1,053.00 $ 540.00 900.00 $ 1,440.00 December 25 @ $27.00 = $675.00 15 30 25 @ @ 18.00 = 36.00 = December 25 @ 21 = 800.00 $ 1,540.00 20 77% @ 777 @ $5,929.00 17.00 17.00 = = 59,829.00 Totals $675.00 67,298.00 Activity March 1 March 5 March 18 March 25 Units available for sale Units 100 400 120 200 820 Required 1A Required 1B Required 2 Compute the number of units in ending inventory on March 31. Ending inventory 820 units Required 1A Required 1B Required 2 Compute the cost assigned to ending inventory using specific identification. Note: The March 9 sale consists of 80 units from March 1 purchase and 340 units from the March 5 purchase; the March 29 sale consists of 40 units from the March 18 purchase and 120 units from the March 25 purchase. Specific Identification Available for Sale Cost of Goods Sold Purchase Date Activity Units Unit Cost Units Sold Unit Cost COGS March 1 Purchase Purchase Purchase Purchase March 5 March 18 March 25 100 400 120 200 820 $ $ $ $ Ending Inventory Ending Ending Cost Per Inventory- Unit Inventory- Units Cost 100 $ 50 $ 5,000 400 $ 55 22,000 120 X $ 607,200 200 $ 62 12,400 820 $ 46,600 50 55 60 62 $ 0 Required: Monson sells 25 units for $45 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 Cost of Goods Sold Cost per cost of units sold unit Goods Sold Inventory Value # of units Cost per unit Inventory Balance December 7 $ 0.00 December 14 $ 0.00 Average cost $ 0.00 December 15 $ 0.00 December 21 $ 0.00 Average cost Totals $ 0.00 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 Cost of Goods Sold Inventory Balance # of Date Cost per unit # of units sold Cost per Cost of Goods unit Sold #of units Cost per unit Inventory Balance units December 7 $ 0.00 $ 0.00 December 14 1 $ 0.00 December 15 $ $ 0.00 0.00 December 21 $ 0.00 Totals